TMI Blog2017 (12) TMI 1779X X X X Extracts X X X X X X X X Extracts X X X X ..... 2(14). The bundle of rights acquired by the assessee are undoubtedly valuable in terms of money. In our view, the said tenancy rights shall form part of a capital asset in the hands of the assessee and, therefore, any gains arising therefrom would be assessable under the head Income from capital gains eligible for deduction u/s 54EC of the Act. - Decided in favour of assessee. - I.T.A. No. 100/Mum/2016 - - - Dated:- 13-12-2017 - SHRI D.T. GARASIA, JM AND SHRI MANOJ KUMAR AGGARWAL, AM For the Assessee : B.V.Jhaveri ,Ld.AR For the Revenue : Suman Kumar, Ld. Sr.DR ORDER Per Manoj Kumar Aggarwal (Accountant Member) 1. The captioned appeal by revenue for Assessment Year [AY] 2012- 13 contest the order of the Ld. C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4,97,95,000/- on such transfers. The same was reflected as Long Term Capital Gains [LTCG] being taxable @20%. The assessee claimed deduction of ₹ 50 Lacs u/s 54EC from LTCG. 2.2 The Ld. AO, opined that the said receipts were taxable as Income from Other Sources since the assessee continues to be the owner of the shop and there was mere change of tenants. Finally, the assessment was completed by treating the same as Income from Other Sources. 3. Aggrieved, the assessee contested the same with success before Ld. CIT(A) vide impugned order dated 16/10/2015 where Ld. CIT(A) relying upon the decision of its predecessors in assessee s own case for several other years, upheld the stand of the assessee. Aggrieved, the department is in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led to the extent of exclusions given in section 2(14) itself which include stock in trade and personal effects. The impugned asset does not clearly fall in the aforesaid exclusions given in section 2(14). The bundle of rights acquired by the assesse are undoubtedly valuable in terms of money. In our view, the said tenancy rights shall form part of a capital asset in the hands of the assesse and, therefore, any gains arising therefrom would be assessable under the head Income from capital gains eligible for deduction u/s 54EC of the Act. Under these circumstances we find that the findings of the Ld. CIT(A) are well reasoned and in accordance with law and facts and do not require any interference. Accordingly, the order of Ld. CIT(A) is uph ..... X X X X Extracts X X X X X X X X Extracts X X X X
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