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IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION
CIVIL APPEAL NO(S). 8594/2010
H.S. RAMACHANDRA RAO APPELLANT(S)
VERSUS
COMMISSIONER OF INCOME TAX, BANGALORE & ANR. RESPONDENT(S)
O R D E R
1. Heard learned counsel for the parties.
2. The issue involved in this appeal is
essentially questioning the finding of fact
recorded by the authorities below whether the
amount received by the appellant in the sum of
Rs.37,54,266/- (Rupees Thirty Seven Lakh Fifty
Four Thousand Two Hundred Sixty Six only) is
capital receipt or revenue receipt in the hands
of the appellant.
3. The authorities below have
concurrently found that going by the admission
of the appellant, the amount received by the
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appellant cannot be treated as capital receipt
but only as revenue receipt. For that, the
authorities have relied on the statement given
by the appellant dated 14.07.2000 as also the
ground No.3 articulated by the appellant in the
appeal filed before the first Appellate
Authority.
4. The substance of the admission is that
the appellant was holding the post of Secretary
of the Institution [Paramahamsa Foundation (R)
Trust] until 1996 but he left the institution
after new members were elected as the managing
committee. That being the case, the question of
appellant invoking the principle of capital
asset does not arise. It may have been a
different matter if it was a...