No Tax to partnership on surrender of Tenancy Right held by partners

IN THE ITAT MUMBAI BENCH ‘B’ Income-tax Officer, 17(3)(1), Mumbai v/s. Bombay Electrical Laundry IT Appeal No. 4167 (Mum.) of 2008 [Assessment year 2006-07] Date of Pronouncement – June 13, 2012 ORDER Vivek Varma, Judicial Member  The appeal filed by the department arises from the order of the CIT(A) XXIII, Mumbai dated 25-03-2009. 2. The department has raised the following grounds of appeal:  1.  On the facts and in the circumstances of the case and in law the Ld.CIT(A) erred in holding that consideration of Rs. 2.5 crores on surrender of tenancy rights b...