https://www.taxtmi.com/caselaws?id=432052 The High Court upheld the Tribunal's decision to delete the addition of capital gains, emphasizing that the transaction had already been taxed in a previous assessment year. The Court ruled that taxing the same capital gain twice was impermissible, dismissing the appeal without addressing the retrospective application of the First Proviso to Section 50C. The judgment highlighted the principle of not taxing the same capital gain twice and clarified that the capital gain had already been taxed in a prior assessment year, precluding its taxation again in the impugned year. en-us Mon, 12 Dec 2022 00:00:00 +0530 Mon, 26 Dec 2022 13:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432052 The High Court upheld the Tribunal's decision to delete the addition of capital gains, emphasizing that the transaction had already been taxed in a previous assessment year. The Court ruled that taxing the same capital gain twice was impermissible, dismissing the appeal without addressing the retrospective application of the First Proviso to Section 50C. The judgment highlighted the principle of not taxing the same capital gain twice and clarified that the capital gain had already been taxed in a prior assessment year, precluding its taxation again in the impugned year. Case-Laws Income Tax Mon, 12 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432052