https://www.taxtmi.com/caselaws?id=207239 Surrender of inherited tenancy rights was treated as a transfer of a capital asset, because the tenancy rights were held to be heritable on the facts and in law. The amount received on surrender was therefore characterised as a capital receipt and could not be taxed as casual and non-recurring income under Section 10(3) of the Income-tax Act, 1961. The court also noted that any inability to compute capital gains did not justify shifting the receipt to the residuary head of income. The question of law was answered against the Revenue and in favour of the assessee. en-us Wed, 09 Nov 2011 00:00:00 +0530 Sat, 03 Dec 2011 16:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207239 Surrender of inherited tenancy rights was treated as a transfer of a capital asset, because the tenancy rights were held to be heritable on the facts and in law. The amount received on surrender was therefore characterised as a capital receipt and could not be taxed as casual and non-recurring income under Section 10(3) of the Income-tax Act, 1961. The court also noted that any inability to compute capital gains did not justify shifting the receipt to the residuary head of income. The question of law was answered against the Revenue and in favour of the assessee. Case-Laws Income Tax Wed, 09 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207239