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2012 (12) TMI 286 - AT - Income TaxCapital receipt - compensation - surrender of tenancy rights - matrimonial disputes between the assessee and her husband - pursuant to the agreement arrived at between the parties hereto and in consideration of the Landlord agreeing to the Tenant an amount of Rs. 1,40,00,000/- (Rupees One Crore Forty Lacs only) by way of compensation in lieu of permanent alternate accommodation to be provided by the Landlord in the proposed new building to be constructed on the said property, the Tenant hereby surrenders and relinquishes free from all encumbrances, all her right, title, interest and claim into or upon the said property - consideration received by the assessee against surrender of tenancy right is assessable as capital gain – In favor of revenue Addition in the capital gain – Held that:- Assessee has estimated the cost of acquisition of the tenancy right at Rs.10 lacs which was rejected by the Assessing Officer as the Assessing Officer adopted cost of tenancy right at nil - claim of the assessee of adopting cost of acquisition of asset as on 1.4.81 at Rs.10 lacs is not allowable - In favor of revenue Disallowance on account of expenses incurred for conducting the activity of nursery school - Assessing Officer disallowed 25% of the expenditure for want of evidence to prove the same – Held that:- Assessee failed to produce any evidence to prove the claim of expenses – disallowance upheld
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