https://www.taxtmi.com/caselaws?id=33754 A tenancy or leasehold interest can qualify as a capital asset under the Income-tax Act, 1961 when the facts show that the interest was transferable and was in fact relinquished or extinguished on transfer. On the Tribunal's findings, the assessee's rights ceased under a tripartite arrangement, the landlord's written consent removed the tenancy-law bar to transfer, and the assessee received consideration from the transferee company. The transfer therefore fell within the meaning of section 2(47), and the receipt was treated as consideration for transfer of a capital asset chargeable to capital gains under section 45(1). en-us Thu, 30 Mar 1978 00:00:00 +0530 Sun, 07 Jun 2009 21:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33754 A tenancy or leasehold interest can qualify as a capital asset under the Income-tax Act, 1961 when the facts show that the interest was transferable and was in fact relinquished or extinguished on transfer. On the Tribunal's findings, the assessee's rights ceased under a tripartite arrangement, the landlord's written consent removed the tenancy-law bar to transfer, and the assessee received consideration from the transferee company. The transfer therefore fell within the meaning of section 2(47), and the receipt was treated as consideration for transfer of a capital asset chargeable to capital gains under section 45(1). Case-Laws Income Tax Thu, 30 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33754