https://www.taxtmi.com/caselaws?id=35867 A lease-cum-licence that parts with the owner's valuable right to possess and enjoy land for consideration constitutes a transfer of a capital asset under the Income-tax Act, because the owner's right itself is a distinct capital asset and "transfer" includes relinquishment or extinguishment of rights. On the facts, the deed transferred a valuable land right for premium and was therefore liable to capital gains tax. The cost of the leasehold right was also capable of valuation, as the right to exploit the land formed part of the land's acquisition cost and could be brought into the capital gains computation. en-us Tue, 02 Dec 1980 00:00:00 +0530 Wed, 17 Mar 2010 12:39:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35867 A lease-cum-licence that parts with the owner's valuable right to possess and enjoy land for consideration constitutes a transfer of a capital asset under the Income-tax Act, because the owner's right itself is a distinct capital asset and "transfer" includes relinquishment or extinguishment of rights. On the facts, the deed transferred a valuable land right for premium and was therefore liable to capital gains tax. The cost of the leasehold right was also capable of valuation, as the right to exploit the land formed part of the land's acquisition cost and could be brought into the capital gains computation. Case-Laws Income Tax Tue, 02 Dec 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35867