https://www.taxtmi.com/caselaws?id=6778 A payment received for consenting to assignment of a lease and waiving related rights was treated as capital in nature rather than revenue income. The court focused on what the assessee gave up in return: release of the original lessee from lease obligations and surrender of rights to enforce recurring rent and repair covenants, which were elements of capital character. A separate part of the amount attributable to consent for filling in the tank was also not revenue. On that basis, the receipt was not taxable as income, and the question whether it was casual or non-recurring did not arise. en-us Thu, 11 Feb 1965 00:00:00 +0530 Mon, 02 Feb 2009 09:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6778 A payment received for consenting to assignment of a lease and waiving related rights was treated as capital in nature rather than revenue income. The court focused on what the assessee gave up in return: release of the original lessee from lease obligations and surrender of rights to enforce recurring rent and repair covenants, which were elements of capital character. A separate part of the amount attributable to consent for filling in the tank was also not revenue. On that basis, the receipt was not taxable as income, and the question whether it was casual or non-recurring did not arise. Case-Laws Income Tax Thu, 11 Feb 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6778