COMMISSIONER OF INCOME TAX Vs. MARKAPAKULA AGAMMA

JUDGEMENT

(1.) THE Income-tax Appellate Tribunal under section 256(1) of the Income-tax Act, 1961, referred the following question of law :

(2.) I agree with the answer proposed by my learned brother, Rama Rao, J., in view of the decision of the Supreme Court in CIT v. B. C. Srinivasa Setty [1981] 128 ITR 294, but with great reluctance. I proceed to state my reasons. Section 45 levies tax on capital gains. Section 48 prescribes the mode of computation of capital gain. It says that the capital gain shall be