Statutory tenants.

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....pay tax. The bench said tenants who could not sublet premises 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....

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....Y.P. Trivedi appearing for Cadell Weaving Mill Co. said, "I am yet to receive 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 a....

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..... It was further argued that the same amount cannot be taxed under any other head. 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 tena....