https://www.taxtmi.com/caselaws?id=9841 The High Court affirmed that capital gains should be computed using the cost in the hands of the previous owner, KPPL, under section 49(1)(iii)(e) of the Income-tax Act, resulting in no tax liability for the assessee. However, the Court ruled against the assessee regarding the applicability of section 47(v), stating that it does not negate the application of section 46(2) for taxing capital gains on distribution of assets by companies in liquidation. The Tribunal's decision granting the benefit of section 47(v) to the assessee was deemed incorrect. en-us Fri, 10 Feb 2006 00:00:00 +0530 Thu, 02 Jul 2009 09:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9841 The High Court affirmed that capital gains should be computed using the cost in the hands of the previous owner, KPPL, under section 49(1)(iii)(e) of the Income-tax Act, resulting in no tax liability for the assessee. However, the Court ruled against the assessee regarding the applicability of section 47(v), stating that it does not negate the application of section 46(2) for taxing capital gains on distribution of assets by companies in liquidation. The Tribunal's decision granting the benefit of section 47(v) to the assessee was deemed incorrect. Case-Laws Income Tax Fri, 10 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9841