THEACIT, CIR-1(1),EKM, ERNAKULAM vs. SRI.E.M.JOHNY, KOTHAMANGALAM
In the result, the appeal of the assessee is partly allowed and the appeals
ITA 453/COCH/2007[1999-2000]Status: DisposedITAT Cochin17 Jan 2019AY 1999-2000
Bench: S/Shri Chandra Poojari, Am & George George K., Jm
Section 2(24)(vi)Section 48
disallowed 3,200 8,88,689
Business Loss (-) (-)14,03,543
II. Long Term Capital Gain:
Sale consideration of 88.740 cents of land 6,50,00,000
Less:Indexed cost of acquisition
Cost as on 1.4.81 70,39,220
7039220 x 351/100 247,07,662
Add: Expenses on sale
5,000 247,12,662
Long term capital gain