https://www.taxtmi.com/caselaws?id=393277 An enforceable right arising from flat booking or allotment was treated as a capital asset, and surrender of that right amounted to a transfer by relinquishment. Because the right had been held for more than 36 months, the surplus received on cancellation was characterised as a long-term capital gain rather than income from other sources or a revenue receipt. On that basis, the consequential claim for exemption under section 54/54F had to be considered in accordance with law, and the receipt was held taxable under the capital gains head with corresponding exemption relief open for examination. en-us Mon, 17 Feb 2020 00:00:00 +0530 Tue, 10 Mar 2020 13:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393277 An enforceable right arising from flat booking or allotment was treated as a capital asset, and surrender of that right amounted to a transfer by relinquishment. Because the right had been held for more than 36 months, the surplus received on cancellation was characterised as a long-term capital gain rather than income from other sources or a revenue receipt. On that basis, the consequential claim for exemption under section 54/54F had to be considered in accordance with law, and the receipt was held taxable under the capital gains head with corresponding exemption relief open for examination. Case-Laws Income Tax Mon, 17 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393277