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TMI BlogStatutory tenants.X X X X Extracts X X X X X X X X Extracts X X X X ..... could not sublet premises during the pendency of the contract between them and landlords, cannot get such a right when they are statutory tenants under the Bombay Rent Act. In these circumstances, any money secured by tenants cannot be considered to be a capital receipt. The amount is a casual and non recurring Income receipt under the I.T. Act and tax has to be paid on it, the bench said. On t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mill Co. said, "I am yet to receive the order. It has been passed after seven to eight months. I would recommend to my client Cadell Weaving Mill Co. that it move the High Court for a reconsideration of the judgment." Cadell Mill received a sum of Rs. 1.40 crore for surrendering tenancy rights of the Cadell Road premises. As per the terms of the lease agreement arrived at between it and the land ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cannot be taxed under any other head. Specifically, assessee Cadell Mill argued that the amount could not be considered as a casual and non-recurring receipt. The special bench observed that a statutory tenant under the Bombay Rent Act could be said be have transfer rights only when such rights were granted in the contract itself, signed between tenant and landlord. In this case, there was no su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... before the tribunal and may also file a writ petition as the tribunal has not followed the Bombay High court ruling in the Shrinbal Pandole case and a Supreme court judgment in the case of A. Gasper, both of which were relevance to the present case." F.No. 311/25/95-OT - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxma ..... X X X X Extracts X X X X X X X X Extracts X X X X
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