https://www.taxtmi.com/news?id=663 Whether transfer of a banking undertaking generated taxable capital gains for AY 1970-71 where compensation was received on nationalisation; the Supreme Court found that on the facts and circumstances it was not possible to compute capital gains and the compensation was not taxable as capital gains under the law then prevailing, and noted that a statutory notional cost mechanism for slump sales was introduced only after the relevant assessment year. en-us Tue, 11 Nov 2008 21:42:32 +0530 Tue, 11 Nov 2008 21:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=663 Whether transfer of a banking undertaking generated taxable capital gains for AY 1970-71 where compensation was received on nationalisation; the Supreme Court found that on the facts and circumstances it was not possible to compute capital gains and the compensation was not taxable as capital gains under the law then prevailing, and noted that a statutory notional cost mechanism for slump sales was introduced only after the relevant assessment year. News - Tue, 11 Nov 2008 21:42:32 +0530 https://www.taxtmi.com/news?id=663