https://www.taxtmi.com/caselaws?id=17629 The High Court of Madhya Pradesh upheld the deletion of capital gains amounting to Rs. 1,03,609 from the assessee's total income. The Tribunal ruled that since the original owner did not incur any acquisition cost, no capital gain was chargeable. As there was no profit from the transfer of the asset, income tax under "Capital gains" was not applicable. The Court supported the Tribunal's decision, ruling in favor of the assessee and directing the transmission of the order for deletion of capital gains. en-us Tue, 23 Jan 1996 00:00:00 +0530 Wed, 23 Sep 2009 17:33:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17629 The High Court of Madhya Pradesh upheld the deletion of capital gains amounting to Rs. 1,03,609 from the assessee's total income. The Tribunal ruled that since the original owner did not incur any acquisition cost, no capital gain was chargeable. As there was no profit from the transfer of the asset, income tax under "Capital gains" was not applicable. The Court supported the Tribunal's decision, ruling in favor of the assessee and directing the transmission of the order for deletion of capital gains. Case-Laws Income Tax Tue, 23 Jan 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17629