https://www.taxtmi.com/caselaws?id=450792 ITAT Mumbai ruled in favor of the assessee regarding compensation received for vacating a flat. The assessee received Rs. 75,00,000 from company OIPL after the company received Rs. 2,01,00,000 from the landlord for vacating premises under a consent decree. AO treated this as income from other sources, denying section 54F deduction. ITAT held the amount was neither capital gains nor income from other sources in the assessee's hands, but a capital receipt since the assessee had no tenancy rights and received payment from the company's own taxable income. The addition was deleted. en-us Mon, 11 Mar 2024 00:00:00 +0530 Wed, 13 Mar 2024 08:42:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450792 ITAT Mumbai ruled in favor of the assessee regarding compensation received for vacating a flat. The assessee received Rs. 75,00,000 from company OIPL after the company received Rs. 2,01,00,000 from the landlord for vacating premises under a consent decree. AO treated this as income from other sources, denying section 54F deduction. ITAT held the amount was neither capital gains nor income from other sources in the assessee's hands, but a capital receipt since the assessee had no tenancy rights and received payment from the company's own taxable income. The addition was deleted. Case-Laws Income Tax Mon, 11 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450792