16 December 2017
can anyone suggest me the landmark judgements regarding consider of tenancy rights acquisition cost as COA ? whether it is applicable in case of tenant enjoying their rights prior to 1.4.1981 ?
16 December 2017
The Mumbai Bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Mrs. Tauqeer Fatema Rizvi1 (the taxpayer) held that once the cost of acquisition of tenancy rights is determinable, the benefit of such acquisition has to be given while computing the tax on capital gain. Accordingly, the market value of the flat received against tenancy rights,as on the date of its possession, would be the cost of its acquisition, and such cost is deductible while computing capital gains.
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