THE ACIT, CEN-CIRCLE, KOTTAYAM vs. SRI.JOSE THOMAS, ADOOR
In the result, the appeals of the assesses in ITA no
ITA 238/COCH/2019[2011-12]Status: DisposedITAT Cochin30 Sept 2019AY 2011-12
Bench: S/Shri Chandra Poojari, Am & George George K., Jm
35 lacs. That sum was credited to the reserve
and surplus account, which was disallowed by the Assessing Officer, holding that it
was income from other sources. The assessee appealed to the Commissioner, who
came to the conclusion that the assessee was liable to pay tax on capital gains on
the amount of Rs.35 lacs after deducting an amount
