In the result, all the appeals filed by the assessee are dismissed
Bench: Shri Inturi Rama Rao & Shri Prakash Chand Yadav
capital receipt, it is to be treated as consideration for relinquishment of trusteeship in the Trust and the cost of acquisition is nil and hence, the gain is not taxable on its transfer. The assesses are life time trustees in Carmel Educational Trust which is a public charitable