https://www.taxtmi.com/caselaws?id=36940 The High Court held that a firm, recognized as an independent unit for assessment, is liable to tax on capital gains despite the argument that a firm cannot own property. The Court ruled in favor of the revenue on this issue. Regarding the application of the minimum tax rate of 15% on net capital gains, the Court decided in favor of the assessee, stating that the tax should be applied cumulatively to the firm and its partners to avoid double taxation. Each party was responsible for their own costs. en-us Fri, 25 May 1979 00:00:00 +0530 Thu, 25 Mar 2010 15:26:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36940 The High Court held that a firm, recognized as an independent unit for assessment, is liable to tax on capital gains despite the argument that a firm cannot own property. The Court ruled in favor of the revenue on this issue. Regarding the application of the minimum tax rate of 15% on net capital gains, the Court decided in favor of the assessee, stating that the tax should be applied cumulatively to the firm and its partners to avoid double taxation. Each party was responsible for their own costs. Case-Laws Income Tax Fri, 25 May 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36940