Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2004 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2004 (8) TMI 56 - DELHI HIGH COURTReceipts – Tenancy - "Whether the amount of Rs. 8,64,000 received by the assessee was a capital receipt?" - Tribunal misdirected itself in examining whether the income is in the nature of capital or revenue as also failed to apply the same. Though the Tribunal has rightly held that the tenancy right is a capital asset and, therefore, the compensation so received would not be treated as revenue receipt at all, it however, failed to examine as to who was the tenant, rendered the decision. The Tribunal failed to examine the aspect whether the assessee was a tenant or not and in view of the material placed before the Tribunal, it was clear that Mr. Martin was the tenant and he was to receive this amount. The assessee was never the tenant and when it transferred the property by way of sale to Salisbury, it was left with no right, title or interest therein - In view of this, it is clear that the answer must be given in favour of the Revenue
|