https://www.taxtmi.com/caselaws?id=5253 A 99-year lease granted for premium or salami was treated as a transfer of a capital asset because the lessor parted with possession and enjoyment for an enduring period and received valuable consideration. On those facts, the transaction fell within section 12B of the Indian Income-tax Act, 1922, so capital gains tax applied. The argument that the subject was only leasehold rights did not prevent section 12B from operating. A new objection based on absence of cost of acquisition was also not entertained, as it did not arise from the Tribunal's order or the questions referred. en-us Thu, 05 May 1988 00:00:00 +0530 Tue, 28 Oct 2025 19:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5253 A 99-year lease granted for premium or salami was treated as a transfer of a capital asset because the lessor parted with possession and enjoyment for an enduring period and received valuable consideration. On those facts, the transaction fell within section 12B of the Indian Income-tax Act, 1922, so capital gains tax applied. The argument that the subject was only leasehold rights did not prevent section 12B from operating. A new objection based on absence of cost of acquisition was also not entertained, as it did not arise from the Tribunal's order or the questions referred. Case-Laws Income Tax Thu, 05 May 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5253