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Case Law Details

Case Name : ACIT Vs. United Motors (I) Ltd. (ITAT Mumbai)
Related Assessment Year :
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Income from transfer of a leased premises  amounts to extinguishment of taxpayer’s right in the capital asset and therefore taxable as ‘Capital Gains’ under the Income-tax Act.

Mumbai bench of Income-tax Appellate Tribunal (the Tribunal) in the case of ACIT Vs United Motors (I) Ltd. (2009-TIOL-693-ITAT-MUM) has held that income from transfer of a leased premises without transferring its own business amounts to extinguishment of the taxpayer’s right in the capital asset as per sect

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