As part of the agreement, the assessee received a sum of Rs.
The assessees objections before the Appellate Assistant Commissioner and the Appellate Tribunal were unsuccessful.
So also the reference before the High Court.
2,25,000/ less certain amounts paid to the landlord and solicitor and the statutory exemption a net sum of Rs.1,83,201/ as capital gains.
2,25,000/ each, the first on 15 3 1967 and the second on 25 5 1967.
On 27 3 1967, the landlords entered into an agreement for leasing out the property to Associated Battery Makers Eastern Limited permitting them to companystruct a building on the said premises.
For the assessment year 1967 68, for which the previous year ended on 31 3 1967, the Income tax Officer treated the sum of Rs.
The Judgment of the High Court is reported as A. Gasper v. Commr.
Hence, the present appeal.
He transferred his tenancy rights to Associated Batteries and became a licencee in respect of the premises under Associated Batteries.
This is an appeal from a Judgment of the Calcutta High Court in a matter under the Income tax Act.
The sum of Rupees 4,50,000/ was received in two instalments of Rs.
The assessee was also a party to the said agreement.
of Income tax .
4,50,000/ in companysideration of which he permitted the new lessees to put up the companystruction.
He was a monthly tenant in the property since 1940 under certain earlier landlords.
The assessee was a tenant in a premises in 240E, Acharya Jagdish Chandra Bose Road, Calcutta.
