https://www.taxtmi.com/caselaws?id=217585 Compensation received on surrender of tenancy rights was held taxable in the hands of the individual partners, not the firm, because the tenancy traced to the original individual tenants and their heirs. The conveyance documents and later correspondence showed the rights remained with the individuals, while the partnership deeds did not treat the tenancy rights as firm capital. Payment of rent by the firm was not sufficient to establish that the firm was the tenant. Relevant tenancy law provisions were read as supporting continued individual ownership of the tenancy rights, and authorities cited by the Revenue were distinguished as not addressing this question directly. en-us Wed, 13 Jun 2012 00:00:00 +0530 Fri, 19 Oct 2012 13:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217585 Compensation received on surrender of tenancy rights was held taxable in the hands of the individual partners, not the firm, because the tenancy traced to the original individual tenants and their heirs. The conveyance documents and later correspondence showed the rights remained with the individuals, while the partnership deeds did not treat the tenancy rights as firm capital. Payment of rent by the firm was not sufficient to establish that the firm was the tenant. Relevant tenancy law provisions were read as supporting continued individual ownership of the tenancy rights, and authorities cited by the Revenue were distinguished as not addressing this question directly. Case-Laws Income Tax Wed, 13 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217585