https://www.taxtmi.com/caselaws?id=9143 An amount treated as a deemed gift under the Gift-tax Act and already subjected to gift-tax could not again be brought to tax as capital gains under the Income-tax Act. Capital gains under section 45 had to be computed on the actual consideration received, and section 52(1) did not justify taxing the same excess twice. The existence of an appellate remedy did not prevent writ relief where the levy was contrary to the Act, and the delay was not treated as fatal because it was explained by later judicial guidance. The capital gains assessment was confined to the transfer consideration actually received, and tax on the deemed-gift portion was refundable. en-us Tue, 01 Feb 1972 00:00:00 +0530 Fri, 19 Jun 2009 18:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9143 An amount treated as a deemed gift under the Gift-tax Act and already subjected to gift-tax could not again be brought to tax as capital gains under the Income-tax Act. Capital gains under section 45 had to be computed on the actual consideration received, and section 52(1) did not justify taxing the same excess twice. The existence of an appellate remedy did not prevent writ relief where the levy was contrary to the Act, and the delay was not treated as fatal because it was explained by later judicial guidance. The capital gains assessment was confined to the transfer consideration actually received, and tax on the deemed-gift portion was refundable. Case-Laws Income Tax Tue, 01 Feb 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9143