MAHMUDABAD PROPERTIES P LTD Vs. COMMISSIONER OF INCOME TAX
LAWS(CAL)-1970-7-20
HIGH COURT OF CALCUTTA
Decided on July 27,1970

MAHMUDABAD PROPERTIES (P.) LTD. Appellant
VERSUS
COMMISSIONER OF INCOME-TAX Respondents

JUDGEMENT

T.M.Basu, J. - (1.) This income-tax reference raises interesting questions with regard to the valuation of a "capital asset" for computing capital gains in income-tax law.
(2.) The question which this court directed the Income-tax Appellate Tribunal to refer under Section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as "the Act") and which has been so referred by the Tribunal is in the following terms : "Was there a valid and legal basis for the Tribunal's conclusion that capital gain arising out of the sale of the property at No. 221, Russa Road, Calcutta, would be Rs. 75,000 instead of a loss of Rs. 6,000 as claimed by the assessee?"
(3.) The facts leading to the instant reference may be briefly noted.;


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