https://www.taxtmi.com/caselaws?id=264519 A ten-year lease of plant, machinery, land and building was held not to be a capital asset for this dispute because the lease conferred only limited possession rights, barred transfer or sub-letting without consent, and provided for reversion on expiry. The arrangement was also held not to be a transfer under section 2(47), as the deeming provision in section 269UA required a lease term of at least twelve years. It was neither a sale of leasehold rights nor of the plant and machinery, and capital gains under section 45 therefore did not arise. The Tribunal's order was set aside. en-us Thu, 24 Sep 2015 00:00:00 +0530 Sat, 05 Mar 2016 16:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264519 A ten-year lease of plant, machinery, land and building was held not to be a capital asset for this dispute because the lease conferred only limited possession rights, barred transfer or sub-letting without consent, and provided for reversion on expiry. The arrangement was also held not to be a transfer under section 2(47), as the deeming provision in section 269UA required a lease term of at least twelve years. It was neither a sale of leasehold rights nor of the plant and machinery, and capital gains under section 45 therefore did not arise. The Tribunal's order was set aside. Case-Laws Income Tax Thu, 24 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264519