High Court rules in favor of assessee on capital gains tax dispute under Income-tax Act

The High Court of Madras held that section 52(1) of the Income-tax Act, 1961 does not apply to ascertain capital gains from the sale of buses by the assessee for the assessment year 1973-74 due to insufficient evidence from the Revenue to prove a higher value received. The judgment favored the assessee, referencing pertinent case law.

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The High Court of Madras ruled that section 52(1) of the Income-tax Act, 1961 cannot be invoked to determine capital gains from the sale of buses by the assessee for the assessment year 1973-74. The decision was based on lack of evidence provided by the Revenue to establish a higher value received by the assessee. The judgment was in favor of the assessee, citing relevant case law.

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