TaxTMI 
TaxTMI 
TaxTMI 
Taxability of Income from surrender of Leasehold rights -
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....axability of Income from surrender of Leasehold rights - <br>News and Press Release<br>Dated:- 4-10-2007<br><BR>Decision by Karnataka High Court (2007 -TMI - 1779 - HIGH COURT, KARNATAKA) Date of Dec....
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....ision: 20-06-2007 Issues: "1. Whether, on the facts and, in the circumstances of the case, the Tribunal is right in law in holding that the consideration received on account of surrender of leasehol....
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....d rights in carrying on hotel business which was sub-leased and not carried on by the assessee itself is not a business receipt but capital gains, but not taxable as no costs were involved? 2. Whethe....
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....r the Tribunal as a final fact-finding body, was it not obliged to hold that if in case a capital receipt is not taxable under the head 'capital gains', the same is assessable under the head 'Other so....
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....urces' in view of the inclusive definition of income in section 2 and section 10(3) which takes into its ambit all receipts which are not chargeable under the head 'Capital gains'?" Decision: The in....
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....come from transfer of the leasehold rights falls under the head "Capital gains" and not under the head "Income from other sources, unless otherwise provided in the Act". (For full text of judgment v....
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....isit - 2007 -TMI - 1779 - HIGH COURT, KARNATAKA)<BR> News - Press release - PIB....