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2011 (5) TMI 659 - ITAT, CHENNAITaxation of intangible asset having no cost - a public company had trespassed assessee's property by using a private road to reach their land located behind assessee's property - Assesse gave 'right of easement' to reach their property. under a agreement, and permitted the use of the private road and in turn, the said party paid a sum of Rs. 25 lakhs - assessee treated the said sum as capital receipt and Revenue contended it as capital gain - assessee filed his reply stating that there was no transfer of property and computation provisions as prescribed u/s 48 could not be applied since there was no cost of acquisition in respect of the transfer of the rights - Held that it should come under the head 'income from other sources' being rent received from this land - the ownership of that property would always remain with the assessee - Thus held that receipt cannot be treated as rent , because for receiving a rent, there has to be a relationship of 'landlord' and 'tenant' - it being intangible asset having no cost, cannot be taxed - it does not even come under residue clause provided in section 56(1) Keeping in view the case CIT v. Sandu Bros. Chembur (P.) Ltd. [2005 -TMI - 6153 - SUPREME Court] - Appeal of revenue dismissed.
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