TaxTMI 
TaxTMI 
TaxTMI 
Statutory tenants.
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....during the pendency of the contract between them and landlords, cannot get such a right when they are statutory tenants under the Bombay Rent Act. In these circumstances, any money secured by tenants cannot be considered to be a capital receipt. The amount is a casual and non recurring Income receipt under the I.T. Act and tax has to be paid on it, the bench said. On the basis of this interpretat....
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....eive the order. It has been passed after seven to eight months. I would recommend to my client Cadell Weaving Mill Co. that it move the High Court for a reconsideration of the judgment." Cadell Mill received a sum of Rs. 1.40 crore for surrendering tenancy rights of the Cadell Road premises. As per the terms of the lease agreement arrived at between it and the landlord, the assessee had to pay a ....
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....ad. Specifically, assessee Cadell Mill argued that the amount could not be considered as a casual and non-recurring receipt. The special bench observed that a statutory tenant under the Bombay Rent Act could be said be have transfer rights only when such rights were granted in the contract itself, signed between tenant and landlord. In this case, there was no such provision in the agreement. The ....