THE PRINCIPAL COMMISSIONER OF INCOME TAX, vs. SMT.GRACY BABU,
ITA/54/2020HC 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
45, it cannot be taxed at all. (See S. G. Mercantile Corporation P. Ltd. v. CIT (1972)
83 1TR 700 (SC).
(17) Furthermore, it would be illogical and against the language of section 56 to
hold that everything that is exempted from capital gains by the statute could be
taxed as a casual or non-recurring receipt under section
