Supreme Court of India
Commissioner of Income Tax, Mumbai v. D.P. Sandu Bros. Chembur (p) Ltd.
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From the headnote
Income Tax Act, 1961 (Pi"ior to 1995 Amendment)-Sections !0(3), 14, 45 and 56-Capital Gains Tax - Liability-On the amount received against surrender of tenancy rights-Stand of Revenue before Court that the .cost of c acquisition was incapable of being ascertained-Liability negated by Courts below-On appeal, held: Though cost of acquisition of tenancy right is ascertainable assessee not liable to tax in view of the stand of Revenue-The income being capital receipt and assessable only under Item of Section 14, cannot be taxed under Section I 0(3) either-~( the income is included in any one of
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