Premium for Surrender of tenancy rights is taxable as capital gain

Brief of the Case

ITAT Mumbai held in the case of ITO vs. Dr. Vasant J Rath Trust that CIT (A) after detailed examination had reversed the finding of the Assessing Officer that the premium of Rs.51.00 lakhs was exigible to the tax under the head income from house property as he was of the view that the grant of tenancy rights by the assessee trust to the tenants was in fact the transfer of capital asset within the meaning of sections 2(14) and 2 (47) and it will be taxable as capital gain. We concur wit

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