https://www.taxtmi.com/caselaws?id=14472 The High Court upheld the decision to quash the show-cause notice issued under section 263 of the Income-tax Act, treating the sum received for surrendering the tenancy right as capital gains. The Court emphasized adherence to judicial hierarchy and followed the precedent set by the Calcutta High Court, citing the legislative amendment of section 55 by the Finance Act of 1994. The conflicting decisions between Allahabad and Calcutta High Courts were resolved by the legislative amendment, leading to the dismissal of the appeal. en-us Tue, 28 Nov 2000 00:00:00 +0530 Thu, 16 Jul 2009 11:22:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14472 The High Court upheld the decision to quash the show-cause notice issued under section 263 of the Income-tax Act, treating the sum received for surrendering the tenancy right as capital gains. The Court emphasized adherence to judicial hierarchy and followed the precedent set by the Calcutta High Court, citing the legislative amendment of section 55 by the Finance Act of 1994. The conflicting decisions between Allahabad and Calcutta High Courts were resolved by the legislative amendment, leading to the dismissal of the appeal. Case-Laws Income Tax Tue, 28 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14472