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2017 (12) TMI 1779 - ITAT MUMBAICorrect head of income - premium received on account of the tenancy rights - Capital gain or income from other sources - allowed deduction u/s 54EC - HELD THAT:- We find that the issue is of recurring in nature and stood in assessee’s favor from AY 2007-08 to 2011-12 wherein held that legislature has intended to define the term “capital asset” in the widest possible manner. This definition has been curtailed 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 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.
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