https://www.taxtmi.com/caselaws?id=49306 The Supreme Court held that the sum of Rs. 79,494 was not assessable as capital gains in the assessment year 1948-49, except for the portion attributable to the capital gain made by the transfer of furniture valued at Rs. 18,805. The court emphasized that title to assets must pass before April 1, 1948, for a transaction to be considered a sale or transfer under section 12B. The appeal was allowed, and costs were awarded to the assessee. en-us Mon, 29 Mar 1965 00:00:00 +0530 Wed, 20 Aug 2014 17:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49306 The Supreme Court held that the sum of Rs. 79,494 was not assessable as capital gains in the assessment year 1948-49, except for the portion attributable to the capital gain made by the transfer of furniture valued at Rs. 18,805. The court emphasized that title to assets must pass before April 1, 1948, for a transaction to be considered a sale or transfer under section 12B. The appeal was allowed, and costs were awarded to the assessee. Case-Laws Income Tax Mon, 29 Mar 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49306