CAPITAL GAINS ::
Last updated: 24 October 2007
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.
CA.Saibaburao Nanduri
Published in Income Tax
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