Supreme Court Upholds Assessee in Income Tax Case Regarding Computation of Capital Gains on Renouncement of Right Shares. The Court held that net capital gain under Section 12B(2) of the Income-tax Act, 1922, must be determined after deducting loss due to depreciation in value of original shares, applying commercial principles.
31 Oct 1966This appeal concerned the proper computation of capital gains under the Indian Income-tax Act, 1922. The assessee, an individual, held 710 shares as i...
