In favour of Revenue

Section 48

Madras H.C : Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in law in not appreciating that the market value of the library materials that were available as on 01.04.1981 has to be estimated and thereafter indexation as provided u/s. 48 had to be allowed on such market value, while computing the capital gains on sale of library containing antique materials ?

High Court Of Madras Vallikannu Nagarajan And Sivagami Roja Muthiah vs. The DCIT Section 48 Asst. Year 1995-96 to 1999-2000

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