CAPITAL GAINS ::

Court :
HC

Brief :
Held by the Hon`ble court that there was no capital gains assessable in respect of the transfer on the ground that there was no cost of acqusition and capital gain could not be computed ignoring the fact that the said property was obtained in consideration of his estate being merged with erstwhile State of Madras.

Citation :
H.H Sri Raja Rajagopala Thondaiman Vs. C.I.T.

Capital gain on sale of palace allotted to Ex-Ruler of Indian State H.H Sri Raja Rajagopala Thondaiman Vs. C.I.T. 10/25/2005 (2006) 282 ITR (AT) 126 (Madras) Case Fact: Whether the sale of palace by the ex-ruler allotted to him liable for tax under capital gains? Decision: Held by the Hon`ble court that there was no capital gains assessable in respect of the transfer on the ground that there was no cost of acqusition and capital gain could not be computed ignoring the fact that the said property was obtained in consideration of his estate being merged with erstwhile State of Madras.

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Judgement posted by

CA.Saibaburao Nanduri

Chartered Accountant

I am a commerce graduarte of Andhra University. Studied at HINDU COLLEGE, Guntur. Became FCA and started Practice under the name and style of M/s SAIBABU RAO CO I became Chairman of CA Institute, Guntur Branch, during the year 2008-09 My post qualifications are: Information Systems Audit DISA (ICAI) ... Read more

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