https://www.taxtmi.com/caselaws?id=25933 Capital gains were treated as part of "income" under the charging and definitional scheme of the Income-tax Acts of 1922 and 1961, so a registered firm had to include such gains in its total income for tax computation. The statutory scheme was read as permitting assessment of the firm itself on capital gains, and the general rate provisions in the annual Finance Acts did not displace the special treatment of capital gains under the Act. Hardship to the firm or its partners did not justify exclusion where the language and scheme required inclusion. en-us Tue, 25 Sep 1973 00:00:00 +0530 Mon, 01 Feb 2010 17:25:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25933 Capital gains were treated as part of "income" under the charging and definitional scheme of the Income-tax Acts of 1922 and 1961, so a registered firm had to include such gains in its total income for tax computation. The statutory scheme was read as permitting assessment of the firm itself on capital gains, and the general rate provisions in the annual Finance Acts did not displace the special treatment of capital gains under the Act. Hardship to the firm or its partners did not justify exclusion where the language and scheme required inclusion. Case-Laws Income Tax Tue, 25 Sep 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25933