https://www.taxtmi.com/caselaws?id=37450 The court upheld the taxability of gains from the transfer of route permits as "property" under section 45 of the Income-tax Act, 1961 for the assessment year 1966-67. It emphasized the need to establish the cost of acquisition for route permits to accurately determine capital gains tax liability. The court directed a fresh assessment to determine the cost of acquisition for each bus sold, stressing the importance of evaluating the cost based on available evidence. Ultimately, the court returned the reference for a reevaluation of the case to ensure a fair assessment of taxable gains. en-us Wed, 17 Jan 1979 00:00:00 +0530 Mon, 29 Mar 2010 17:42:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37450 The court upheld the taxability of gains from the transfer of route permits as "property" under section 45 of the Income-tax Act, 1961 for the assessment year 1966-67. It emphasized the need to establish the cost of acquisition for route permits to accurately determine capital gains tax liability. The court directed a fresh assessment to determine the cost of acquisition for each bus sold, stressing the importance of evaluating the cost based on available evidence. Ultimately, the court returned the reference for a reevaluation of the case to ensure a fair assessment of taxable gains. Case-Laws Income Tax Wed, 17 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37450