2018 (4) TMI 1827

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.... is an appeal filed by the Revenue. The relevant assessment year is 2013-14. The appeal is directed against the order of the Commissioner of Income Tax (Appeals)-9, Mumbai [in short 'CIT(A)'] and arises out of the assessment completed u/s 143(3) of the Income Tax Act 1961, (the 'Act'). 2. The grounds of appeal filed by the Revenue read as under: 1. On the facts and in the circumstances of the c....

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....arket, Mumbai. The shops in the said market have been given on rent to various tenants. The Assessing Officer (AO) observed that during the financial year (FY) 2011-12, there was a change in tenancy of 17 shops, wherein some new tenants were introduced in place of old ones. The assessee received a premium of Rs. 5,23,50,000/- on such transfers. The assessee reflected this premium amount as Long Te....

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....5234/Mum/2013); AY 2008-09 (ITA No. 5235/Mum/2013) and AY 2012-13 (ITA No. 100/Mum/2016) in assessee's own case and submits that the present issue has been decided in favour of the assessee by the Co-ordinate Bench. 6. We have heard the rival submissions and perused the relevant materials on record. We find that the same issue arose before the ITAT 'B' Bench Mumbai in assessee's own case as menti....

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....self which include stock-in-trade and personal effects. The impugned asset does not clearly fall in the aforesaid exclusions given in section 2(14). The bundles of right acquired by the assessee are undoubtedly valuable in terms of money. In our view, the said tenancy rights shall form part of a capital asset in the hands of the assessee and, therefore, any gains arising therefrom would be assessa....