COMMISSIONER OF INCOME TAX Vs. ALKA DALMIA

JUDGEMENT

(1.) BY order dt. 13th April, 2004, the following substantial question of law was framed :

(2.) THE assessment year in question is 1993-94 and the respondent assessee is an individual. The question of law raised pertains to taxation of Rs. 1 crore received by the assessee on surrender of tenancy rights in property No. 15, Motilal Nehru Marg, New Delhi, from Bennet Coleman & Co. Ltd. The AO following the directions under S. 144A of the IT Act, 1961 (Act, for short), held that the said amount was taxable as income from other sources. According to the AO, as the assessee has no tenancy right to transfer, the income cannot possibly be charged under the head of "Capital gains".

(3.) THE Revenue preferred a further appeal before the Tribunal but did not succeed on the said question.