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2006 (2) TMI 129 - HC - Income TaxCapital gain - "1. Whether, the Appellate Tribunal is right in holding in view of section 49(1)(iii)(e) capital gain should be computed by taking the cost in the hands of the previous owner namely, KPPL? - 2. Whether, Tribunal is right in holding that in spite of section 46(2) capital gains chargeable to tax had not arisen in this case in view of fact that benefit of section 47(v) would be available to the assessee?" – Held that Tribunal was right in law in holding that capital gains tax was liable to be computed by taking into consideration the provisions of section 49(1)(iii)(e) of the Act, i.e., taking the cost of acquisition of the assets in question to be the cost of acquisition in the hands of the previous owner, i.e., KPPL. – hence Question No. 1 is, answered in the affirmative, i.e., in favour of the assessee while question No. 2 is answered in the negative, i.e., in favour of the Revenue and against the assessee
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