https://www.taxtmi.com/caselaws?id=26860 The High Court upheld the Tribunal's decision to levy capital gains tax on the sale of jewellery for the assessment year 1973-74. The Court ruled that the amendment in the Income-tax Act, 1961, effective from April 1, 1973, applied to assessments for that year, regardless of specific mention of the assessment year in the amendment. The decision favored the Revenue and directed the parties to bear their own costs. en-us Wed, 10 Jul 1985 00:00:00 +0530 Tue, 09 Feb 2010 10:10:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26860 The High Court upheld the Tribunal's decision to levy capital gains tax on the sale of jewellery for the assessment year 1973-74. The Court ruled that the amendment in the Income-tax Act, 1961, effective from April 1, 1973, applied to assessments for that year, regardless of specific mention of the assessment year in the amendment. The decision favored the Revenue and directed the parties to bear their own costs. Case-Laws Income Tax Wed, 10 Jul 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26860