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Income Tax - Highlights / Catch Notes

Home Highlights July 2019 Year 2019 This

Taxability of tenancy transfer fees - incoming tenants had ...

Income Tax

July 19, 2019

Taxability of tenancy transfer fees - incoming tenants had obtain tenancy rights from outgoing tenants for a consideration and paid a sum of ₹ 5 Lacs to landlord/assessee being consenting party - assessee was pursuing only one project which was at the above stated site - receipt is in furtherance of carrying out the stated project only and part and parcel of the unified construction activity - will be adjusted with WIP

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  1. Transaction of transfer of tenancy rights - whether the impugned transfer of tenancy rights attracts the provisions of section 50C - held No. - AT

  2. Compensation for surrender the tenancy right - tenancy right was a capital asset and surrender of the same was a transfer of a capital asset - HC

  3. Tenancy - Petitioner Company did not vacate tenanted premises even after amalgamation - once the company stood dissolved the tenancy would automatically perish - Order...

  4. Addition of surrender of tenancy rights – the amount received against the transfer of tenancy is assessable as capital gain and not income from other sources - AT

  5. Taxability as capital gain or not - Surrender / transfer of tenancy rights - Applicability of section 50C for valuation - The AO treated the transaction as a surrender...

  6. The firm was not a tenant/had not paid for acquisition of tenancy right but has made payments to the legal heirs of the deceased partners and has reflected the same as...

  7. Disallowance of depreciation of tenancy rights - the tenancy right is not an intangible asset eligible for deprecation u/s 32.

  8. Depreciation on tenancy rights - The tenancy right cannot be treated as an intangible asset, there is no question of allowing depreciation on it - AT

  9. Receipt on account of surrender of tenancy rights - till the amendment in 1995, the compensation received on surrendering the tenancy rights could not be assessed to...

  10. Consideration for transfer of tenancy or leasehold rights -section 50C is not applicable. - Article

 

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