Amount not assessable as Assessee’s income where direct payment made to parties for surrender of tenancy rights

Brief of the Case

ITAT Mumbai held in the case ITO vs. Smt. Elsa Silva that as per the agreement , ‘Athithi Builders’ has acquired the development rights of the said property after paying separately and directly by cheque Rs.2.73 crores to the assessee, Rs.1.23 Crores to Shri D.P.Koli and Rs.0.50 crores to Shri Alex Silva. This clearly evidence that the assessee has received only Rs. 2.73 crores as her share of the consideration of Rs.4,46 cores. Further we find that Revenue has not been able

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