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2019 (4) TMI 346 - AT - Income TaxTaxability of sale of sub-tenancy rights - Income from Other Sources OR Income from Capital Gains - Acquiring of interest/title in the premises as subtenancy - transfer/assignment of tenancy/occupancy rights by wife of the assessee outgoing tenant in favour of incoming tenant - HELD THAT:- we hold that amount received by the assessee from Dr Maninder Chhabra was on account of transfer of capital asset being interest held by the assessee in ground floor of said shop towards occupancy rights which was acquired by way of permission granted by landlord and also with the consent of his wife supported with uninterrupted possession and usage of ground floor of said shop by the assessee since 1994 for running his clinic till the date of agreement i.e. 24.06.2013 (almost 20 years or so) , which was further supported by payment of rent by assessee to his wife for such occupancy/usage of said premises and hence the said sum of ₹ 1,40,00,000/- received by the assessee was rightly been offered to income-tax by the assessee under the head 'Income from Capital Gains‘ in the return of income filed with the Revenue. Under these circumstances, we donot find any reasons that when tenancy is recognised as capital asset within meaning of Section 55(2) , as to why sub-tenancy in favour of the assessee cannot be treated as capital asset more so , capital asset is so widely defined u/s 2(14) - decided against revenue
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