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1971 (5) TMI 23 - ALLAHABAD HIGH COURTCarried forward and set-off of loss in the sales of an asset - As the loss of the assessee relating to the year 1951-52 cannot be called as loss under the head "capital gains" even as per the law as stood in 1958-59, it cannot be carried forward and set off against capital gains of the year 1956 onwards - Whether evidence of market value is necessary to determine the market value of property acquired for the purpose of capital gains – held that in the circumstances of the case, the capital gain of the assessee could not be calculated on the basis of the third proviso to section 12B(2)
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