https://www.taxtmi.com/caselaws?id=37981 The court ruled in favor of the assessee, holding that there was no liability to capital gains tax on the sale of import entitlement certificates. The court emphasized the need for a cost of acquisition in terms of money for capital gains to be envisaged by the statute, and concluded that the legislature did not intend to impose capital gains tax on assets like "import entitlement." The decision aligned with previous rulings by various High Courts, supporting the assessee's position and awarding costs against the department. en-us Thu, 02 Feb 1978 00:00:00 +0530 Fri, 02 Apr 2010 13:59:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37981 The court ruled in favor of the assessee, holding that there was no liability to capital gains tax on the sale of import entitlement certificates. The court emphasized the need for a cost of acquisition in terms of money for capital gains to be envisaged by the statute, and concluded that the legislature did not intend to impose capital gains tax on assets like "import entitlement." The decision aligned with previous rulings by various High Courts, supporting the assessee's position and awarding costs against the department. Case-Laws Income Tax Thu, 02 Feb 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37981