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2020 (2) TMI 165 - HC - Income TaxIncome from other sources OR Long term capital gain - tenancy rights - surrender of rights by the assessee vis-a-vis the property - assessee submits that he was the tenant of the property in question - whether the property in question was under the occupation of the tenant i.e. the present assessee? - HELD THAT:- We feel that the stand taken by the revenue authorities in respect of the land in question vis-a-vis tenancy of the assessee is not justified. The assessee had disclosed the amount of ₹ 50 lakhs received from M/s. Carlton Coats Pvt. Ltd. for settlement of its claim to the property and had further disclosed that the said amount was invested in capital bonds. Thus the said amount was received by the assessee as long term capital gains in view of surrender of rights by the assessee vis-a-vis the property in question. In the circumstances, merely on the basis of suspicion, the revenue authorities ought not to have rejected the claim of the assessee that the said amount was received as long term capital gains but to treat the said amount as “income from other sources”. Substantial question of law as framed above is accordingly answered in favour of the assessee
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