COMMISSIONER OF INCOME TAX Vs. THRESSIAMMA ABRAHAM NO 1

JUDGEMENT

(1.) THE following three questions expect our answer at the instance of the Revenue :

(2.) WHETHER, on the facts and in the circumstances of the case, the Tribunal is right in law and fact in holding -

(3.) IN these circumstances in view of the fact that the sale proceeds are credited in the assessee's name in the accounts of the National Tyre and Rubber Co. INdia Ltd., the INcome-tax Officer held that the assessee should be deemed to have received the entire sale proceeds. The sale proceeds amounted to Rs. 13,12,414 and from the said amount deducting Rs. 50,000, the amount of capital gains was computed at Rs. 12,62,414. This was by the order dated December 21, 1989.