https://www.taxtmi.com/caselaws?id=11703 The High Court ruled in favor of the assessee regarding the taxability of capital gains in the assessment year 1976-77. The court upheld the Tribunal's decision to consider the previous year as 1975-76, where the assets were transferred, despite the absence of maintained books of account. Additionally, the High Court supported the exclusion of capital gains from the total income in the assessment year 1977-78. Ultimately, all questions were answered in favor of the assessee, leading to a judgment in favor of the assessee against the Revenue. en-us Mon, 27 Jan 2003 00:00:00 +0530 Sat, 06 Feb 2010 11:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11703 The High Court ruled in favor of the assessee regarding the taxability of capital gains in the assessment year 1976-77. The court upheld the Tribunal's decision to consider the previous year as 1975-76, where the assets were transferred, despite the absence of maintained books of account. Additionally, the High Court supported the exclusion of capital gains from the total income in the assessment year 1977-78. Ultimately, all questions were answered in favor of the assessee, leading to a judgment in favor of the assessee against the Revenue. Case-Laws Income Tax Mon, 27 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11703