https://www.taxtmi.com/caselaws?id=22059 The court ruled in favor of the assessee, holding that route permits acquired for the first time should be treated as self-generated assets not subject to capital gains tax. The judgment favored the assessee against the Revenue, aligning with the view of the High Court of Kerala and the Supreme Court. The court rejected the Revenue's argument that the sale consideration constituted taxable profit under the Income-tax Act, emphasizing the interpretation of the Act and relevant precedents. The Tribunal's decision to delete additions under section 41(2) and capital gains made by the Income-tax Officer was upheld. en-us Tue, 28 May 1991 00:00:00 +0530 Sat, 05 Dec 2009 17:27:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22059 The court ruled in favor of the assessee, holding that route permits acquired for the first time should be treated as self-generated assets not subject to capital gains tax. The judgment favored the assessee against the Revenue, aligning with the view of the High Court of Kerala and the Supreme Court. The court rejected the Revenue's argument that the sale consideration constituted taxable profit under the Income-tax Act, emphasizing the interpretation of the Act and relevant precedents. The Tribunal's decision to delete additions under section 41(2) and capital gains made by the Income-tax Officer was upheld. Case-Laws Income Tax Tue, 28 May 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22059