TMI BlogCorrect head of income - Treating the receipts of compensation for vacating tenancy to be assessable as...Correct head of income - Treating the receipts of compensation for vacating tenancy to be assessable as “Capital Gains” instead of income under the head “Profit and Gains of Business or Profession" - The Court took note of the circular issued by the CBDT being Circular No. 684 dated 10th June, 1994, which was issued to meet the situation created by the decision in B. C. Srinivasa Setty (supra). By Finance Act, 1994, Section 55(2) was amended to provide the cost of acquisition, inter alia, the te..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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