https://www.taxtmi.com/caselaws?id=39194 The court upheld the determination of short-term capital gains on the transfer of 'import entitlements' for an assessment year. The receipts from the transfer were considered capital gains as the 'import entitlements' were deemed capital assets under the Income-tax Act, 1961. The court rejected arguments that the absence of a cost of acquisition should exempt the assessee from tax liability, emphasizing that the method of computation cannot override the charging section. The judgment ruled in favor of the revenue, dismissing contentions raised by the assessee's counsel. en-us Tue, 13 May 1975 00:00:00 +0530 Tue, 13 Apr 2010 15:59:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39194 The court upheld the determination of short-term capital gains on the transfer of 'import entitlements' for an assessment year. The receipts from the transfer were considered capital gains as the 'import entitlements' were deemed capital assets under the Income-tax Act, 1961. The court rejected arguments that the absence of a cost of acquisition should exempt the assessee from tax liability, emphasizing that the method of computation cannot override the charging section. The judgment ruled in favor of the revenue, dismissing contentions raised by the assessee's counsel. Case-Laws Income Tax Tue, 13 May 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39194