INCOME TAX OFFICER Vs. BURAGADDA SATYANARAYANA

JUDGEMENT

(1.) THIS is an appeal from the judgment of our learned brother, Alladi Kuppuswami J, given in W. P. No. 5876/70 (Buragadda Satyanarayana v. Income-tax Officer ) on February 1, 1972, whereby the learned judge allowed the writ petition and quashed the assessment order of the Income-tax Officer, dated September 28, 1968.

(2.) THE facts, in outline, are that the petitioner filed a revised return of income-tax on February 10, 1967, for the assessment year 1964-65. He included therein an amount of capital gains liable to tax under Section 45 of the Income-tax Act to the extent of Rs. 15,958 and after deducting an initial exemption of Rs. 5,000, Rs. 10,958 was disclosed as taxable income. This capital gains, it is said, had accrued on account of sale of a site with sheds, godowns and shops.

(3.) THE petitioner filed his objections. He mentioned the value of the buildings and the site as Rs. 86,380. THE variation in his opinion was small. He (the assessee), therefore, said that the reassessment would not be warranted.