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2015 (12) TMI 983 - HC - Income TaxSurrender of tenancy rights - ITAT treating not as capital assets liable for tax as long term capital gain - whether the assessee was tenant of the said property and surrender of tenancy rights amounts to Transfer u/s 2(47)? - Held that:- We find that on examination of the agreements, both CIT(A) as well as Tribunal have categorically rendered a finding that there was, in fact, no surrender of tenancy under the two agreements dated 9th May, 2007 and 25th July, 2007. Thus, no transfer for the purposes of capital gains. This finding on the basis of the examination of various clauses of the agreement coupled with the inspection report of the Inspector who visited the premises, concludes as a fact that the Appellant continues to occupy the tenanted property and the entire process of redevelopment is stalled because of a legal dispute. Further, Documents on record such as rent receipt, addresses in bank account etc., indicated that tenancy continued. In this case, the Respondent-Assessess disputes the surrender of tenancy and/or any transfer and on examination of the clauses of the Agreements, the CIT(A) and the Tribunal accept the fact that no surrender/transfer took place. - Decided against revenue
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