https://www.taxtmi.com/caselaws?id=21187 A payment received by a tenant on surrender of tenancy rights was treated as consideration for relinquishment of a capital asset, not as compensation for business loss or interruption. Although tenancy rights can constitute a capital asset, capital gains taxation could not apply because no identifiable cost of acquisition for those rights existed, so the computation provisions under the Income-tax Act could not be invoked. The receipt also did not qualify as business income because it was unrelated to business operations or loss. The amount was therefore a capital receipt and not taxable as capital gains or revenue income. en-us Fri, 23 Oct 1992 00:00:00 +0530 Fri, 20 Nov 2009 16:07:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21187 A payment received by a tenant on surrender of tenancy rights was treated as consideration for relinquishment of a capital asset, not as compensation for business loss or interruption. Although tenancy rights can constitute a capital asset, capital gains taxation could not apply because no identifiable cost of acquisition for those rights existed, so the computation provisions under the Income-tax Act could not be invoked. The receipt also did not qualify as business income because it was unrelated to business operations or loss. The amount was therefore a capital receipt and not taxable as capital gains or revenue income. Case-Laws Income Tax Fri, 23 Oct 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21187