Case Law Details
CASE LAWS DETAILS
DECIDED BY: HIGH COURT OF KERALA,
IN THE CASE OF : CDR. P. J. Mathew Vs ITO, APPEAL NO: ITA No. 1548 of 2009, DECIDED ON: October 21, 2009
RELEVANT PARAGRAPH
3. The appellant- assessee was a member of the Cochin Stock Exchange. However, on account of chronic default, the Cochin Stock Exchange declared him a defaulter and terminated his membership and sold his stock exchange membership card in auction which fetched sale consideration of Rs. 12,75,000/- Since the membership card was sold in the previous year relevant for the assessment year 1994- 95, the assessing officer brought to tax long term capital gain arising to the appellant on the sale of the Stock Exchange card. Even though the appellant’s challenge against the assessment was successful before first appellate authority who allowed the appeal, on second appeal by the Department, the Income-tax Appellate Tribunal allowed the appeal and restored the assessment. It is against this order of the Tribunal, the appellant-assessee has filed this appeal under section 260A of the Act.
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