THE ACIT, CIRCLE-1(1), ERNAKULAM, ERNAKULAM vs. SRI.MATHAI XAVIER, KOTHAMANGALAM

In the result, the appeal of the assessee is partly allowed and the appeals

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

property of the partnership firm in which the assessee was also a partner. On the other hand, the assessee had transferred 87.990 cents of land belonging to him in favour of the firm for a consideration of Rs. 2,75,00,000 on 14/08/1998. The business carried on by the assessee was continued as a going concern. The assessee

THE ACIT, CIRCLE-1(1), ERNAKULAM, ERNAKULAM vs. SRI.E.M.PAUL, EDAKATTUKUDIYIL, KOTHAMANGALAM

In the result, the appeal of the assessee is partly allowed and the appeals