2018 (4) TMI 1827

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....AR ORDER PER N.K. PRADHAN, AM This 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: ....

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....see is an owner and the landlord of Sheth Mulji Jetha Cloth Market, 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 tra....

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....i for AY 2009-10 (ITA No. 6983/Mum/2012); for AY 2007-08 (ITA No.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 aro....

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....n has been curtailed to the extent of exclusions given in section 2(14) itself 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....