https://www.taxtmi.com/caselaws?id=9098 Where a lessee erected structures at its own cost and those structures vested in the lessor on expiry of the lease, the value received was not taxable as rent in kind or as a revenue receipt because the evidence did not show any reduction in the stipulated rent or that the structure value formed part of rent reserved under the lease. As the lessor was not shown to be carrying on a business of dealing in immovable property, the reversionary receipt was treated as a capital accretion rather than trading income, and taxation was denied. en-us Fri, 23 Nov 1973 00:00:00 +0530 Fri, 19 Jun 2009 13:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9098 Where a lessee erected structures at its own cost and those structures vested in the lessor on expiry of the lease, the value received was not taxable as rent in kind or as a revenue receipt because the evidence did not show any reduction in the stipulated rent or that the structure value formed part of rent reserved under the lease. As the lessor was not shown to be carrying on a business of dealing in immovable property, the reversionary receipt was treated as a capital accretion rather than trading income, and taxation was denied. Case-Laws Income Tax Fri, 23 Nov 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9098