Amount payable on fulfilment of conditions has to be excluded while computing capital gains

Late Shri Gordhandas S. Garodia Vs. DCIT (ITAT Mumbai)

A plain reading of section 45 of the Act would suggest that any profit or gain arising from transfer of a capital asset shall be deemed to be the income of the assessee of the relevant previous year, wherein, such transfer takes place. Thus, as per this provision, taxability of capital gain would depend upon arising of profit from transfer of a capital asset. Section 48 of the Act which provides the mode of computation of capital gain says that income char

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