1965 (3) TMI 21 - SC - Income Tax

Whether on the facts and in the circumstances of the case a sum of ₹ 79,494 is assessable as capital gains in the assessment year 1948-49 ?

Held that:- In the facts and circumstances of the case the sum of ₹ 79,494 is not assessable as capital gains in the assessment year 1948-49, but only such part of it, if any, as is attributable to the capital gain made by the transfer of furniture valued at ₹ 18,805 is assessable. Appeal allowed.