https://www.taxtmi.com/caselaws?id=37599 The High Court of Bombay ruled in favor of the assessee in a case involving the computation of capital loss for shares of Scindia Steam Navigation Co. Ltd. and the determination of capital gains and profits from the sale of machinery. The Court upheld the Tribunal's decision that the cost basis for the shares and machinery should be based on the amounts at which they were transferred during the amalgamation process, as approved by the High Court. The Court emphasized the legal significance of the amalgamation scheme in determining the actual cost to the transferee-company, ultimately ruling in favor of the assessee on both issues. en-us Wed, 26 Jul 1978 00:00:00 +0530 Tue, 30 Mar 2010 17:56:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37599 The High Court of Bombay ruled in favor of the assessee in a case involving the computation of capital loss for shares of Scindia Steam Navigation Co. Ltd. and the determination of capital gains and profits from the sale of machinery. The Court upheld the Tribunal's decision that the cost basis for the shares and machinery should be based on the amounts at which they were transferred during the amalgamation process, as approved by the High Court. The Court emphasized the legal significance of the amalgamation scheme in determining the actual cost to the transferee-company, ultimately ruling in favor of the assessee on both issues. Case-Laws Income Tax Wed, 26 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37599