https://www.taxtmi.com/caselaws?id=188071 A lump sum received on waiver of forfeiture and rearrangement of leasehold rights was treated as a capital receipt, not assessable income under section 12 of the Income-tax Act, 1922. The receipt arose from a re-settlement of the lease and reflected the immediate realisation of enhanced value in the capital asset, not income from a trading or revenue source. As the assessees were not shown to be carrying on a business in house property, the amount was held to be outside the charge to tax and in favour of the assessees. en-us Mon, 12 Aug 1929 00:00:00 +0530 Thu, 17 Nov 2016 11:15:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188071 A lump sum received on waiver of forfeiture and rearrangement of leasehold rights was treated as a capital receipt, not assessable income under section 12 of the Income-tax Act, 1922. The receipt arose from a re-settlement of the lease and reflected the immediate realisation of enhanced value in the capital asset, not income from a trading or revenue source. As the assessees were not shown to be carrying on a business in house property, the amount was held to be outside the charge to tax and in favour of the assessees. Case-Laws Income Tax Mon, 12 Aug 1929 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188071