https://www.taxtmi.com/caselaws?id=36185 The High Court of Madras addressed the assessment of capital gains on the sale of import entitlement by a public limited company for the assessment year 1967-68. The court held that the import entitlement, as a tangible asset, could not be taxed as capital gains if the cost of acquisition was nil. The court referred to relevant case law and directed the Income Tax Officer to ascertain the cost of acquisition for the import entitlement in monetary terms. The court upheld the principles established in previous decisions and awarded costs, including counsel fees, to the assessee. en-us Wed, 09 Apr 1980 00:00:00 +0530 Fri, 19 Mar 2010 18:21:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36185 The High Court of Madras addressed the assessment of capital gains on the sale of import entitlement by a public limited company for the assessment year 1967-68. The court held that the import entitlement, as a tangible asset, could not be taxed as capital gains if the cost of acquisition was nil. The court referred to relevant case law and directed the Income Tax Officer to ascertain the cost of acquisition for the import entitlement in monetary terms. The court upheld the principles established in previous decisions and awarded costs, including counsel fees, to the assessee. Case-Laws Income Tax Wed, 09 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36185