https://www.taxtmi.com/caselaws?id=7452 Capital gains formed part of total income under the Income-tax Act, 1922, and the tax levied on them remained income-tax. The special exclusion of capital gains from advance-tax computation under section 18A(12) reflected only the method of estimating advance tax for non-recurring income; it did not change the character of the levy. Accordingly, advance tax paid under section 18A could be appropriated against the ultimate tax liability attributable to capital gains, and the argument that such tax was of a different nature from income-tax was rejected. en-us Wed, 30 Oct 1968 00:00:00 +0530 Fri, 20 Feb 2009 11:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7452 Capital gains formed part of total income under the Income-tax Act, 1922, and the tax levied on them remained income-tax. The special exclusion of capital gains from advance-tax computation under section 18A(12) reflected only the method of estimating advance tax for non-recurring income; it did not change the character of the levy. Accordingly, advance tax paid under section 18A could be appropriated against the ultimate tax liability attributable to capital gains, and the argument that such tax was of a different nature from income-tax was rejected. Case-Laws Income Tax Wed, 30 Oct 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7452