In the result, the assessee’s appeal is dismissed, and the Revenue’s appeal is partly allowed and partly allowed for statistical purposes

Bench: Shri Sanjay Arora & Shri Manomohan Dasp.C. Jose Deputy Commissioner Of Prop. Brothers Agencies Income Tax, Circle-2(1) Jews Street Vs. Kochi Ernakulam 682031 [Pan: Abbpj8250F] (Appellant) (Respondent) Deputy Commissioner Of P.C. Jose Income Tax, Circle-2(1) Prop. Brothers Agencies Kochi Vs. Jews Street Ernakulam 682031 [Pan: Abbpj8250F] (Appellant) (Respondent)

gain as exempt, the subject land/s being not a capital asset, so as to chargeable to tax u/s. 2(24)(vi) r/w s. 45 of the Act. For lands outside Kakkanad, he has, as afore-noted, not disturbed the assessment thereof as returned, i.e.,as business income. That is, either way, there is no question of the expenditure being deductible