2005 (1) TMI 13 - SC - Income Tax

Whether the amount received by the respondent-assessee on surrender of tenancy rights is liable to capital gains tax under section 45 - it would be illogical and against the language of section 56 to hold that everything that is exempted from capital gains by the statute could be taxed as a casual or non-recurring receipt under section 10(3) read with section 56