https://www.taxtmi.com/caselaws?id=38929 A registered lease that expressly commenced from an antecedent date was treated as operating from that earlier date, so the lessee was regarded as having acquired the leasehold interest before 1 January 1954. On that footing, the capital-gains proviso in section 12B(2) of the Indian Income-tax Act, 1922 applied, because the asset had become the assessees' property before the statutory cut-off date. The assessees were therefore entitled to substitute the market value of the leasehold interest as on 1 January 1954 for computation of capital gains. en-us Fri, 08 Aug 1975 00:00:00 +0530 Sat, 10 Apr 2010 13:48:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38929 A registered lease that expressly commenced from an antecedent date was treated as operating from that earlier date, so the lessee was regarded as having acquired the leasehold interest before 1 January 1954. On that footing, the capital-gains proviso in section 12B(2) of the Indian Income-tax Act, 1922 applied, because the asset had become the assessees' property before the statutory cut-off date. The assessees were therefore entitled to substitute the market value of the leasehold interest as on 1 January 1954 for computation of capital gains. Case-Laws Income Tax Fri, 08 Aug 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38929