Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2008 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2008 (11) TMI 175 - HC - Income TaxSurrender of Tenancy Right – Capital Gains – Property was taken on rent by the assessee. Assessee made improvements in the said rented premises and retained the same for more than five years. The said property was shown as inventory in its balance-sheets for several years. Later the assessee surrendered the tenancy rights in the said property to the owner for a consideration. In the year in question, the assessee showed the said property as a capital asset and the loss incurred on surrender of the tenancy rights in the said property was claimed at Rs. 14,10,737 after claiming the benefit of indexation. The Assessing Officer did not allow this claim. CIT(A) confirmed the stand of AO but tribunal upheld the claim of assessee – HC upheld the order of Tribunal on various grounds and reasonings
|