https://www.taxtmi.com/caselaws?id=10460 The High Court ruled in favor of the Revenue, rejecting the assessee's claim for substituting the value as of January 1, 1954, for computing capital gains. The court held that the Assessing Officer correctly determined profits and capital gains, emphasizing the application of specific provisions under the Income-tax Act, 1961. The judgment addressed conflicting views among different High Courts on the computation of taxable capital gains, ultimately upholding the majority view and directing computation based on relevant statutory provisions rather than the value as on January 1, 1954. en-us Fri, 07 Jan 2005 00:00:00 +0530 Thu, 16 Jul 2009 10:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10460 The High Court ruled in favor of the Revenue, rejecting the assessee's claim for substituting the value as of January 1, 1954, for computing capital gains. The court held that the Assessing Officer correctly determined profits and capital gains, emphasizing the application of specific provisions under the Income-tax Act, 1961. The judgment addressed conflicting views among different High Courts on the computation of taxable capital gains, ultimately upholding the majority view and directing computation based on relevant statutory provisions rather than the value as on January 1, 1954. Case-Laws Income Tax Fri, 07 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10460