2025 (3) TMI 833

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... #39;BLE MR JUSTICE KRISHNA S DIXIT AND THE HON'BLE MR JUSTICE G BASAVARAJA For the Appellant : Sri. Ravi Raj Y.V., Advocate For the Respondent : Sri. Sandeep Huilgol, ADV. ORAL JUDGMENT (PER: HON'BLE MR JUSTICE KRISHNA S DIXIT) This intra-court appeal seeks to call in question the learned Single Judge's Order dated 24th May, 2023 whereby respondent-Assessee's Writ Petition No .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... lakh, that itself cannot be taken as the income escaping assessment inasmuch as the cost of acquisition to be deducted from it and if that is done, it would fall below the ceiling limit of Rs. 50.00 lakh. This aspect of the matter, learned Counsel for the assessee submits, was considered by a Division Bench of Madhya Pradesh High Court sitting at Jabalpur in NITIN NEMA v. OFFICE OF PRINCIPAL CHIEF .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... taken without deducting the cost of acquisition therefrom. This apart, as rightly submitted by the learned counsel for the assessee, the Jabalpur Bench of Madhya Pradesh High Court, in the case supra, followed the impugned order of the learned Single Judge of this Court and later the challenge by the Revenue before the Apex Court of the Country has been repelled. In the above circumstances, ther .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X