https://www.taxtmi.com/caselaws?id=282696 The High Court ruled in favor of the assessee, determining that mesne profits were not taxable as capital gains under the Income-tax Act. The court held that there was no transfer of a capital asset as the ownership of the building remained with the lessor, and only the right to use and possession was transferred. The decision emphasized that mesne profits are not considered income or a revenue receipt for tax purposes, aligning with previous court rulings. Therefore, the assessee was not liable to pay tax on the mesne profits received. en-us Tue, 16 Jun 1998 00:00:00 +0530 Tue, 20 Aug 2019 16:55:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282696 The High Court ruled in favor of the assessee, determining that mesne profits were not taxable as capital gains under the Income-tax Act. The court held that there was no transfer of a capital asset as the ownership of the building remained with the lessor, and only the right to use and possession was transferred. The decision emphasized that mesne profits are not considered income or a revenue receipt for tax purposes, aligning with previous court rulings. Therefore, the assessee was not liable to pay tax on the mesne profits received. Case-Laws Income Tax Tue, 16 Jun 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282696