https://www.taxtmi.com/caselaws?id=58762 A tenant's right of occupation was treated as property and therefore a capital asset under the Income-tax Act. When the assessee later acquired the landlord's remaining interest, the tenancy right merged with the reversion to form a composite estate, and the sale price of that merged interest could not be legally apportioned between the two estates. However, the value of the tenancy right still had to be recognised in computing the cost of acquisition of the composite flat. The assessment based on treating the entire surplus as short-term capital gain without such recomputation was set aside for fresh computation of the taxable surplus. en-us Mon, 21 Nov 1983 00:00:00 +0530 Tue, 21 Dec 2010 18:21:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58762 A tenant's right of occupation was treated as property and therefore a capital asset under the Income-tax Act. When the assessee later acquired the landlord's remaining interest, the tenancy right merged with the reversion to form a composite estate, and the sale price of that merged interest could not be legally apportioned between the two estates. However, the value of the tenancy right still had to be recognised in computing the cost of acquisition of the composite flat. The assessment based on treating the entire surplus as short-term capital gain without such recomputation was set aside for fresh computation of the taxable surplus. Case-Laws Income Tax Mon, 21 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58762