Bombay High Court Upholds Revenue in Capital Gains Tax Case on Life Interest — Release of Life Interest by Previous Holder Constitutes Gift Under Section 49(1)(ii) of Income Tax Act, 1961. Cost of Acquisition of Life Interest Deemed to Be Cost to Original Settlor, Not Nil, Resulting in Taxable Capital Gains on Sale....
This reference under Section 256(1) of the Income Tax Act, 1961, arises from a question of law referred by the Income Tax Appellate Tribunal. The assessee, Shri Nusli N. Wadia, acquired a life interes...
