BALMUKUND ACHARYA Vs. DEPUTY COMMISSIONER OF INCOME-TAX

JUDGEMENT

(1.) Heard. Perused appeal.

(2.) This appeal, under Section 260-A read with Section 246(1)(a) of the Income-tax Act, 1961 (hereinafter referred to as "the Act" for short), has been preferred by the assessee seeking to challenge the order of the authorities below, i.e., the Assessing Authority, Appellate order of the Commissioner of Income-tax (Appeals) and further appellate order dated 13.3.2001 passed by the Income-tax Appellate Tribunal, Mumbai Bench 'D' Mumbai, ( the Tribunal for short ).

(3.) The factual panorama is that the Appellant is an individual and assessed to tax. The year under consideration is the financial year 1995-96. The Appellant filed his Income-tax return for the assessment year 1996-97 declaring total income of Rs. 1,04,86,080/- which included an amount of long term capital gains of Rs.1,07,00,000/- on account of sale of godown situated at Chaya Building, Dadar Mumbai-28.