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TMI Blog2015 (12) TMI 983X X X X Extracts X X X X X X X X Extracts X X X X ..... Year on account of surrender of tenancy. 2 The Revenue urges the following question of law for our consideration: "(a) Whether on the facts and in the circumstances of the case and in law,the Tribunal was justified in not treating the surrender of tenancy rights as capital assets liable for tax as long term capital gain without appreciating the fact that the assessee was tenant of the said property and surrender of tenancy rights amounts to Transfer u/s 2(47) of the Income Tax Act,1961? (b) Whether on the facts and in the circumstances of the case and in law,the Tribunal was justified in not appreciating the fact that the date of transfer is date of agreement dated 9th May, 200 and 25th July, 2007 and ought to be assessed in the ensuin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... had received three properties worth Rs. 1.39 Crores in consideration of tenancy rights, therefore, not entitled to benefit of Section 54F of the Act; (c) Being aggrieved, the RespondentAssessee filed an appeal to CIT(A) to contend that under the agreement, he had not received any alternate accommodation and continued to be tenant of the rented premises. The CIT(A) in his order on examination of the various clauses of the agreements, concluded that agreements do not by itself provide for surrender of tenancy rights or by itself create any rights in the property namely alternate accommodation. It further held that the agreements were not concluded contracts; (d) Being aggrieved, the Revenue carried the issue in appeal to the Tribunal. By th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spute was the date of transfer of property. In this case, the RespondentAssessess disputes the surrender of tenancy and/or any transfer and on examination of the clauses of the Agreements, the CIT(A) and the Tribunal accept the fact that no surrender/transfer took place. (g) Thus, Questions (a) and (b) do not raise any substantial question of law. Thus, not entertained. 4. Re:Question (c): In view of the impugned order holding that there is no transfer i.e. surrender of tenancy rights in the subject Assessment Year,the occasion for the Tribunal to decide this issue did not arise. In view of the fact that we are not interfering with the impugned order of the Tribunal in respect of Questions (a) and (b), the issue of considering this Quest ..... X X X X Extracts X X X X X X X X Extracts X X X X
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