https://www.taxtmi.com/caselaws?id=325059 The Tribunal concluded that the premium of Rs. 51,00,000 received by the assessee trust for granting tenancy rights is a capital receipt liable to capital gains tax, not advance rent taxable as income from house property. The reassessment order for AY 2005-06 was quashed as void ab-initio since the AO did not make any addition based on the reasons recorded for reopening the assessment. The Revenue's appeal was dismissed, and the assessee's cross-objection challenging the validity of the reassessment proceedings was allowed. en-us Mon, 29 Feb 2016 00:00:00 +0530 Wed, 09 Mar 2016 11:26:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325059 The Tribunal concluded that the premium of Rs. 51,00,000 received by the assessee trust for granting tenancy rights is a capital receipt liable to capital gains tax, not advance rent taxable as income from house property. The reassessment order for AY 2005-06 was quashed as void ab-initio since the AO did not make any addition based on the reasons recorded for reopening the assessment. The Revenue's appeal was dismissed, and the assessee's cross-objection challenging the validity of the reassessment proceedings was allowed. Case-Laws Income Tax Mon, 29 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325059