{"id":9429,"date":"2020-02-04T06:11:55","date_gmt":"2020-02-04T06:11:55","guid":{"rendered":"http:\/\/itatonline.org\/digest\/amol-c-shah-huf-v-ito-bom-hc-ur\/"},"modified":"2021-07-10T09:07:29","modified_gmt":"2021-07-10T03:37:29","slug":"amol-c-shah-huf-v-ito-bom-hc-ur","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/amol-c-shah-huf-v-ito-bom-hc-ur\/","title":{"rendered":"Amol C. Shah (HUF) v .ITO (2020 )   423 ITR 408 \/274 Taxman 519    ( Bom) (HC)"},"content":{"rendered":"<p><span lang=\"EN-US\">The assessee is an HUF on surrender of tenancy rights \u00a0received compensation of Rs 50 lakhs\u00a0 which was \u00a0invested in capital bonds and claimed exemption u\/s 54EC of the Act . The AO treated the amount received on surrender of \u00a0tenancy rights as income from other sources and denied the exemption u\/s 54EC of the Act . Order of the AO is affirmed by the Tribunal .\u00a0 \u00a0On appeal \u00a0by the assessee allowing the appeal of\u00a0 the High Court held that t<\/span>he assessee had disclosed the amount of Rs.50 lakhs\u00a0 received from M\/s. Carlton Coats Pvt.\u00a0 Ltd. for\u00a0 settlement of its claim to the property and had further disclosed that the said amount was invested in capital bonds. Thus the said amount was received by the assessee as long term capital gains in view of surrender\u00a0 of rights by the assessee vis-a-vis the property in question. In the circumstances, merely\u00a0 on the basis of suspicion, the revenue authorities ought not to have rejected\u00a0 the claim of the assessee that the said amount was received as long term capital gains\u00a0 but to treat the said amount as income from other sources . \u00a0(ITA No. 4511\/Mum\/2016 dt 24-08-2016, (AY. 2009- 10).) \u00a0ITA No 1219 of\u00a0 2017 dt 27 -01 -2020\u00a0 \u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S.45: Capital gains- Surrender of tenancy rights \u2013 Assessable as capital gains and not as income from other sources \u2013 Invested in capital bonds is eligible for exemption u\/s 54EC of the Act .[ S.48 , 54EC ,56 ]  <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-9429","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2s5","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9429","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=9429"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9429\/revisions"}],"predecessor-version":[{"id":20120,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9429\/revisions\/20120"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=9429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=9429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=9429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}