2002 (8) TMI 12 - HC - Income Tax

Delhi High Court: Surrender of tenancy rights not taxable as casual receipt. Appellant to submit docs within 3 months.

The High Court of Delhi upheld the Income-tax Appellate Tribunal's decision that the amount received by the assessee on surrender of tenancy rights was ... 'Whether, on the facts and circumstances of the case, the Income-tax Appellate Tribunal was correct in holding that the amount received by the assessee on surrender of tenancy rights, amounting to Rs.6,83,017, is a casual and non-recurring receipt under section 10(3) of the Income-tax Act, 1961, not chargeable to tax?' The High Court of Delhi admitted the case and framed a substantial question of law regarding the taxability of an amount received by the assessee on surrender of tenancy rights. The Income-tax Appellate Tribunal held that the amount was a casual and non-recurring receipt not chargeable to tax based on previous decisions and factual findings. The Revenue did not dispute the factual position, and the Tribunal's decision was upheld. The appellant was directed to file necessary documents within three months for further proceedings.