COMMISSIONER OF INCOME TAX Vs. V V GEORGE

JUDGEMENT

(1.) AT the instance of the Revenue, the following two questions expect our answer :

(2.) READING the two questions, it would be at once clear that our answer to question No. 2 will determine the answer to question No. 1 because ultimately the process of computation of capital gains would follow the line of order as a result of our answer to question No. 2. After hearing counsel for both sides, in other words, if we answer question No. 2 in the affirmative, the consequence would be of justification of the order of the first appellate authority. If we answer otherwise, it would be of the order of the Tribunal with regard to the determination of the amount of capital gains as a result thereof.

(3.) IN this way the first appellate authority modified the order of the INcome-tax Officer stating that the taxable capital gain will be Rs. 7,07,250 as against Rs. 7,35,617 as determined by the INcome-tax Officer.