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        Case ID :
        Income Tax

        Correct head of income - Treating the receipts of compensation...

        Court Rules Compensation for Vacating Tenancy is 'Capital Gains,' Not Business Income, per CBDT Circular and Finance Act 1994.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Correct head of income - Treating the receipts of compensation for vacating tenancy to be assessable as “Capital Gains” instead of income under the head “Profit and Gains of Business or Profession" - The Court took note of the circular issued by the CBDT being Circular No. 684 dated 10th June, 1994, which was issued to meet the situation created by the decision in B. C. Srinivasa Setty (supra). By Finance Act, 1994, Section 55(2) was amended to provide the cost of acquisition, inter alia, the tenancy right could be taken as nil. By this amendment the judicial interpretation put on capital assets for the purposes of the provisions relating to capital gains was met. - HC
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