THE PRINCIPAL COMMISSIONER OF INCOME TAX vs. JOSE THOMAS
ITA/46/2020HC Kerala03 Apr 2024
Bench: HONOURABLE DR. JUSTICE A.K.JAYASANKARAN NAMBIAR,HONOURABLE MR. JUSTICE SYAM KUMAR V.M.
For Respondent: THE PRINCIPAL COMMISSIONER OF INCOME TAX
gain as section 55(2) of the I.T. Act does not
include this kind of asset as capital asset. For better understanding, we will
examine the provisions of section 55(2) of the I.T. Act.
S. 55 (2) For the purposes of sections 48 and 49, "cost of acquisition",-
(a) in relation to a capital asset, being goodwill
