https://www.taxtmi.com/caselaws?id=21815 In an exchange of capital assets, capital gains are computed on the value of what the transferor receives in return, not on the asset transferred itself as consideration. The Kerala HC noted that the proposed questions were already covered by the Supreme Court in CIT v. George Henderson and Co. Ltd. and CIT v. Gillanders Arbuthnot and Co., so no fresh reference was warranted on that settled position. On that basis, the refusal to refer the questions was upheld and the original petitions were dismissed. en-us Wed, 04 Sep 1991 00:00:00 +0530 Tue, 01 Dec 2009 16:09:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21815 In an exchange of capital assets, capital gains are computed on the value of what the transferor receives in return, not on the asset transferred itself as consideration. The Kerala HC noted that the proposed questions were already covered by the Supreme Court in CIT v. George Henderson and Co. Ltd. and CIT v. Gillanders Arbuthnot and Co., so no fresh reference was warranted on that settled position. On that basis, the refusal to refer the questions was upheld and the original petitions were dismissed. Case-Laws Income Tax Wed, 04 Sep 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21815