https://www.taxtmi.com/caselaws?id=177599 A 99-year lease of land and building was treated as a transfer of a capital asset because the lessee obtained effective enjoyment of the property for a substantial period, and the substance of the arrangement prevailed over its label. The allotment of fully paid-up shares to the partners was treated as consideration received by the firm for the lease. Short-term capital gains treatment was rejected; if capital gains were assessable, the character depended on the period of holding, with the assessment year and the proper long-term treatment left for fresh examination. en-us Wed, 10 Nov 2010 00:00:00 +0530 Wed, 13 Jan 2016 12:01:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177599 A 99-year lease of land and building was treated as a transfer of a capital asset because the lessee obtained effective enjoyment of the property for a substantial period, and the substance of the arrangement prevailed over its label. The allotment of fully paid-up shares to the partners was treated as consideration received by the firm for the lease. Short-term capital gains treatment was rejected; if capital gains were assessable, the character depended on the period of holding, with the assessment year and the proper long-term treatment left for fresh examination. Case-Laws Income Tax Wed, 10 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177599