Income from relinquishment of right in property is capital gain

HIGH COURT OF DELHI Simka Hotels & Resorts versus Deputy Commissioner of Income-tax W.P.(C) No. 4350 of 2012 C.M. Application No. 9016 of 2012 Date of Pronouncement: 17.01.2013 ORDER S. Ravinra Bhatt, J. In this writ petition, the petitioner seeks setting aside of the order dated 29.3.2012 passed by Respondent no. 2, i.e. Commissioner of Income Tax (“Commissioner”, for short). 2. The brief facts of the case are that on 03.02.1997 the petitioner entered into a Memorandum of Understanding (MoU) with M/s. Dalmia Promoters and Developers Pvt. Ltd. and Edward Kevent...