1968 (10) TMI 24

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....AMI J.- The short point raised by the petitioner is whether advance income-tax paid can properly be adjusted towards the tax, so it is said, referable to capital gains. The capital gains were made by the transferor of the petitioner. Originally, the assessment on the petitioner included capital gains, but, on appeal, they were eliminated on the view that the petitioner only succeeded to the busine....

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.... gains constitute but a head of income and just like any other head of income go into the total income of the previous year, which is what is brought to tax by sections 3 and 4, after applying the process of assessment as to allowances and deductions. Capital gains being a species or a head of income and the tax levied being on the total income including such income, we see no objection at all to ....