Stay abreast with the latest developments in the professional domain along with in-depth analysis through the monthly BCA Journal. Get access to an engaging library of researched publications from the BCAS stable.
Learn MoreExplore past issues of BCA Journal & indulge in a treasure trove of high-quality professional content across format of print, videos & learning events from the BCAS stable.
Learn More
In the A. Y. 1992-93, the Assessing Officer found that the assessee had received Rs. 5 lakh as miscellaneous income from relinquishment of sub-tenancy rights of a property. He made an addition of Rs. 5 lakh as income under the head “Income from other sources”. The Tribunal held that the amount is taxable as “capital gain” and not as “income from other sources”.
On appeal by the Revenue the Gujarat High Court upheld the decision of the Tribunal and held as under:
“The Revenue could have taxed the amount of Rs. 5 lakh, which was received towards surrendering the tenancy rights from the lessor, under the head “Capital gains” and not under any other head. Therefore, the Tribunal had not committed any jurisdictional error in passing the order.”
