https://www.taxtmi.com/caselaws?id=49655 Whether profits attributed to a managing agency constituted capital gains under section 12B turned on characterisation of the 1946 dealings as sale or relinquishment. The Supreme Court found initial offers and acceptance created an agreement to sell but a subsequent letter substituted a new contract effecting resignation/relinquishment of the managing agency rather than an assignment or transfer. Applying strict construction of taxing statutes and treating the assessment basis as consideration for the agency, the Court concluded the receipt was not a sale or transfer within the Act and therefore not capital gains. en-us Wed, 15 May 1957 00:00:00 +0530 Fri, 18 Feb 2022 14:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49655 Whether profits attributed to a managing agency constituted capital gains under section 12B turned on characterisation of the 1946 dealings as sale or relinquishment. The Supreme Court found initial offers and acceptance created an agreement to sell but a subsequent letter substituted a new contract effecting resignation/relinquishment of the managing agency rather than an assignment or transfer. Applying strict construction of taxing statutes and treating the assessment basis as consideration for the agency, the Court concluded the receipt was not a sale or transfer within the Act and therefore not capital gains. Case-Laws Income Tax Wed, 15 May 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49655