Monday, 12 October 2015

Consideration received on relinquishment of right in firm by a trust would be taxable as capital gai

IT : Issue as to whether consideration received by assessee medical relief society on account of relinquishment of its right in a firm would be leviable for capital gain tax or not, is to be decided in view of CIT v. Manipal Academy of Higher Education (MAHE) [2013] 357 ITR 114/218 Taxman 1/36 taxmann.com 81 (Kar.)

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