S.C : Leasing rights can be considered to be ‘goods’ and transfer of such rights would constitute ‘sale’ for purpose of section 80HHC

Supreme Court Of India

CIT, Mumbai vs. Romesh Sharma

Assessment Year : 1994-95

Section : 80HHC

S.H. Kapadia, CJI. And Madan B. Lokur, J.

Civil Appeal Nos. 6093 & 6094 Of 2008

September 4, 2012

ORDER

These civil appeals filed by the Department concern Assessment Year 1994-1995.

The issue involved in these appeals is, whether leasing rights can be considered to be ‘goods’ and whether transfer of such rights would constitute ‘sale’?”

This issue is answered in favour of the assessee in the case of CIT v. B. Suresh [2009] 313 ITR 149 / 178 Taxman 457 (SC). Following the said decision, these civil appeals filed by the Department are dismissed.

No order as to costs.

[Citation : 354 ITR 229]

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