MANOJ B. JOSHI Vs. 8TH INCOME-TAX OFFICER

JUDGEMENT

(1.) This tax appeal is filed by an assessee against the assessment order pertaining to the assessment year 1998-99. The appellant is aggrieved by the rejection of his contention (which is set out hereunder) by all the lower authorities, including the Income-tax Appellate Tribunal.

(2.) Admittedly the appellant has received an additional amount of Rs. 29,11,000 (Rs. Twenty nine lakhs, eleven thousand only) (hereinafter referred to as 'the amount in issue' for brevity). According to the appellant firstly receipt of the amount in issue by him is not an income subject to payment of income-tax within the definition of Section 2(24) of the Income-tax Act (hereinafter referred to as 'the Act', for the sake of brevity) and secondly (rather alternatively) that the same is 'income from long-term capital gain' and not 'income from other sources' as held by all the lower authorities.

(3.) Few facts at the threshold for better understanding of this order may be necessary and we are setting out the same hereunder: