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2010 (1) TMI 758 - AT - Income TaxLong-term capital loss - loss incurred on part surrender of leasehold land to MIDC - CIT(A), rejected the claim of long-term capital loss on the ground that the assessee had never owned the capital asset - According to section 2(14) of the Income-tax Act, the word 'capital asset means, 'property of any kind held by an assessee' - Held that:- the agreement was executed, consideration was paid and possession of the plot was taken by the assessee. The assessee was having rights in the said plot which is evident from the fact that after sub-division of plot, one of the portion of plot was given to M/s. Lucas TVS Ltd. vide agreement dated 11-3-2004 wherein the assessee was one of the party along with MIDC and consent of the assessee was taken, surrender of rights of the assessee referred to above would amount to extinguishment of his rights in the land/capital asset and, therefore, it attracts capital gains/loss, Order set aside and appeal allowed.
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