https://www.taxtmi.com/caselaws?id=270656 The Tribunal upheld the taxability of long-term capital gains on the surrender of leasehold rights, deeming them akin to tenancy rights under Section 55(2)(a) of the Income Tax Act. However, the Tribunal directed the Assessing Officer to consider improvement expenses in computing the gains. Regarding the penalty under Section 271(1)(c), the Tribunal ruled in favor of the assessee, finding that the penalty was unwarranted as the assessee had acted in good faith, disclosed all relevant facts, and relied on legal advice. The assessee's appeals were partially allowed, while the Revenue's appeals were dismissed. en-us Wed, 21 Oct 2015 00:00:00 +0530 Tue, 12 Jan 2016 00:50:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270656 The Tribunal upheld the taxability of long-term capital gains on the surrender of leasehold rights, deeming them akin to tenancy rights under Section 55(2)(a) of the Income Tax Act. However, the Tribunal directed the Assessing Officer to consider improvement expenses in computing the gains. Regarding the penalty under Section 271(1)(c), the Tribunal ruled in favor of the assessee, finding that the penalty was unwarranted as the assessee had acted in good faith, disclosed all relevant facts, and relied on legal advice. The assessee's appeals were partially allowed, while the Revenue's appeals were dismissed. Case-Laws Income Tax Wed, 21 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270656