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of <h1>High Court rejects application under Income-tax Act, grants benefit to assessee-company. No costs awarded.</h1> <h3>Commissioner Of Income-Tax Versus Jaideo Oil Mills</h3> The High Court of Bombay rejected an application under section 256(2) of the Income-tax Act, 1961. The court found that the assessee-company, a successor ... Capital Gains, Cost Of Acquisition Of Capital Asset The High Court of Bombay rejected an application under section 256(2) of the Income-tax Act, 1961. The court found that the assessee-company, a successor to a partnership, was entitled to the benefit of section 49(1)(iii)(a) and section 50(2) for computing capital gains. The court concluded that it was unnecessary to refer the questions raised by the Department as the answer was evident. The application was rejected, and no costs were awarded.
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