Sum received on surrender of tenancy right is capital receipt and hence, not taxable

CIT Vs Meera Chatterjee (Delhi High Court)- There is no dispute that a tenancy right is a capital asset the surrender of which would attract Section 45 so that the value received would be a capital receipt and asses-sable if at all only under Item (E) of Section 14. That being so, it cannot be treated as a casual or non-recurring receipt under Section 10 (3) and be subjected to tax under Section 56. The argument of the appellant that even if the income cannot be chargeable under Section 45, because of the in applicability of the computation provided under Section 48, it could still impose tax ...