https://www.taxtmi.com/caselaws?id=6153 SC held that surrender of a tenancy right is a capital asset and the amount received is a capital receipt taxable only under the capital gains provision (s.45) and, if at all, under item E of s.14. It cannot be recharacterized as casual or non-recurring income under s.10(3)/s.56 or taxed under the residuary head merely because computation under s.48 is inapplicable. The court rejected treating statutory exemptions from capital gains as taxable under s.56 and dismissed the appeal. en-us Mon, 31 Jan 2005 00:00:00 +0530 Mon, 22 Sep 2025 18:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6153 SC held that surrender of a tenancy right is a capital asset and the amount received is a capital receipt taxable only under the capital gains provision (s.45) and, if at all, under item E of s.14. It cannot be recharacterized as casual or non-recurring income under s.10(3)/s.56 or taxed under the residuary head merely because computation under s.48 is inapplicable. The court rejected treating statutory exemptions from capital gains as taxable under s.56 and dismissed the appeal. Case-Laws Income Tax Mon, 31 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6153