https://www.taxtmi.com/caselaws?id=9501 The High Court of Madras ruled in a tax case appeal regarding the assessment of capital gains tax on the sale of a palace by an ex-Ruler of Pudukkottai Samasthanam. The court upheld the Tribunal's decision that no capital gains were assessable on the transfer of the palace as the property was obtained without any cost of acquisition. The court emphasized that assets acquired without any cost element could not be subjected to capital gains tax. Consequently, the Revenue's appeal was dismissed, and no costs were awarded in the case. en-us Tue, 25 Oct 2005 00:00:00 +0530 Tue, 23 Jun 2009 15:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9501 The High Court of Madras ruled in a tax case appeal regarding the assessment of capital gains tax on the sale of a palace by an ex-Ruler of Pudukkottai Samasthanam. The court upheld the Tribunal's decision that no capital gains were assessable on the transfer of the palace as the property was obtained without any cost of acquisition. The court emphasized that assets acquired without any cost element could not be subjected to capital gains tax. Consequently, the Revenue's appeal was dismissed, and no costs were awarded in the case. Case-Laws Income Tax Tue, 25 Oct 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9501