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
disallowed by the Assessing
Officer, holding that it was income from other sources. The assessee appealed to
the Commissioner, who came to the conclusion that the assessee was liable to
pay tax on capital gains on the amount of Rs.35 lacs after deducting an amount
of Rs.7 lacs as cost of acquisition. The Department and assessee challenged the
decision before
