Tax query
This query is : Resolved
03 January 2013
An Assesee sold 1 of his kidney for 50 lacs....Can AO tax the income????
If yes then under which head???
(i) Capital Gain (ii) Other Sources (iii) Business income
If yes then under which head???
(i) Capital Gain (ii) Other Sources (iii) Business income
03 January 2013
I am taking recourse to a judgment rendered by the Delhi HC in the case of Shanti Bhushan vs CIT where the expenses on heart surgery was disallowed stating that heart did not meet functionality test and that its cost of acquistion could not be determined.
Based on this judgment it can be said that,
the income cannot be taxed as Capital Gain or as Business Income.
A mischievous AO may attempt to tax it as Income from Other Sources.
Based on this judgment it can be said that,
the income cannot be taxed as Capital Gain or as Business Income.
A mischievous AO may attempt to tax it as Income from Other Sources.
04 January 2013
Thank you
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