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2011 (4) TMI 412 - HC - Income TaxReassessment - Income for relinquishment of tenancy rights - The four partnership firms on the one hand, and the Samiti, on the other, had entered into the agreement dated 15-10-1988, whereby the four partnership firms agreed to hand over vacant possession of the property in question to the Samiti in lieu of having received 28 lakhs rupees in total - In the case of CIT v. Neba Ram Hansraj (1996 -TMI - 18162 - PATNA High Court) - Held that: such an income is capital receipt and, therefore, cannot be subjected to payment of Income-tax Regarding reassessment - the petitioner of CWJC No. 7515 of 1997 was also a partnership firm at the relevant point of time, is also a party to the aforesaid agreement of 25-10-1988, for relinquishment of tenancy rights - Decided in favour of the assessee
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