https://www.taxtmi.com/caselaws?id=58797 The ITAT allowed the appeal of the assessee, directing the exclusion of Rs. 1,20,000 from taxable income for the assessment year 1981-82. The amount received by the assessee for surrender of tenancy rights was held not taxable as capital gains under section 45 of the IT Act, based on precedents from various High Courts. The ITAT rejected the claim that the amount was paid for goodwill, considering the lack of super-profit or goodwill in the business as indicated by the nominal profits shown in relevant years. en-us Tue, 07 Feb 1989 00:00:00 +0530 Wed, 22 Dec 2010 12:22:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58797 The ITAT allowed the appeal of the assessee, directing the exclusion of Rs. 1,20,000 from taxable income for the assessment year 1981-82. The amount received by the assessee for surrender of tenancy rights was held not taxable as capital gains under section 45 of the IT Act, based on precedents from various High Courts. The ITAT rejected the claim that the amount was paid for goodwill, considering the lack of super-profit or goodwill in the business as indicated by the nominal profits shown in relevant years. Case-Laws Income Tax Tue, 07 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58797