https://www.taxtmi.com/caselaws?id=19479 The Tribunal ruled in favor of the assessee, a private limited company, in a case concerning the liability to capital gains tax on the transfer of buses and route permits to its managing director. The Tribunal held that no liability to capital gains tax existed as the company did not benefit from the transfer, and the sale value of the route permits could not be subjected to tax. Additionally, the Tribunal upheld the proper valuation of routes transferred and allowed the deduction of motor vehicle tax as a business expenditure, rejecting the Income-tax Officer's contentions. en-us Fri, 19 Aug 1994 00:00:00 +0530 Fri, 06 Nov 2009 14:06:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19479 The Tribunal ruled in favor of the assessee, a private limited company, in a case concerning the liability to capital gains tax on the transfer of buses and route permits to its managing director. The Tribunal held that no liability to capital gains tax existed as the company did not benefit from the transfer, and the sale value of the route permits could not be subjected to tax. Additionally, the Tribunal upheld the proper valuation of routes transferred and allowed the deduction of motor vehicle tax as a business expenditure, rejecting the Income-tax Officer's contentions. Case-Laws Income Tax Fri, 19 Aug 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19479