https://www.taxtmi.com/caselaws?id=26367 The court ruled in favor of the assessee, holding that no capital gains accrued under section 55(2) of the Income-tax Act, 1961. The Tribunal's decision was upheld, emphasizing that since the property was inherited without any cost of acquisition, the sale did not result in taxable capital gains. The court agreed that for capital gains to apply, there must be a cost of acquisition in terms of money, which was lacking in this case. Therefore, the sale proceeds of the lands in question were not subject to taxation as capital gains. en-us Mon, 06 Jan 1986 00:00:00 +0530 Thu, 04 Feb 2010 15:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26367 The court ruled in favor of the assessee, holding that no capital gains accrued under section 55(2) of the Income-tax Act, 1961. The Tribunal's decision was upheld, emphasizing that since the property was inherited without any cost of acquisition, the sale did not result in taxable capital gains. The court agreed that for capital gains to apply, there must be a cost of acquisition in terms of money, which was lacking in this case. Therefore, the sale proceeds of the lands in question were not subject to taxation as capital gains. Case-Laws Income Tax Mon, 06 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26367