https://www.taxtmi.com/caselaws?id=59389 A refundable security deposit paid under a leave and license arrangement does not amount to purchase or construction of a residential house, so relief under section 54 is unavailable. The text also explains that where a licensee in possession becomes a deemed tenant under rent control law, consideration received on transfer of that protected right is treated as capital gains from transfer of tenancy rights. In such cases, the computation machinery under section 55(2) applies and the cost of acquisition may be taken as nil where the statute so provides. The described appeal therefore failed and the tax addition was sustained. en-us Tue, 11 Nov 2008 00:00:00 +0530 Tue, 11 Jun 2013 16:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59389 A refundable security deposit paid under a leave and license arrangement does not amount to purchase or construction of a residential house, so relief under section 54 is unavailable. The text also explains that where a licensee in possession becomes a deemed tenant under rent control law, consideration received on transfer of that protected right is treated as capital gains from transfer of tenancy rights. In such cases, the computation machinery under section 55(2) applies and the cost of acquisition may be taken as nil where the statute so provides. The described appeal therefore failed and the tax addition was sustained. Case-Laws Income Tax Tue, 11 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59389