| Case ID |
15db170e-4a69-49b9-be97-64adc755085c |
| Body |
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| Case Number |
Civil Appeal No.1337 of 1979 |
| Decision Date |
Aug 21, 1991 |
| Hearing Date |
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| Decision |
The Supreme Court dismissed the appeal, holding that the appellant could not raise the contention regarding the ascertainable cost of the monthly lease as it was not raised before the High Court. The Tribunal had previously rejected the question of the actual cost of acquisition, and since the matter was not pursued under the relevant sections of the Income-tax Act, the appellant was barred from presenting the argument at the Supreme Court level. The Court noted that the appellant had a potential case for relief based on prior decisions, but procedural technicalities prevented any consideration of the merits of the case at this stage. |
| Summary |
This case involves the interpretation of capital gains under the Income Tax Act, 1961. The appellant, a monthly tenant since 1940, received a lump sum of Rs. 4,50,000 after allowing new lessees to construct a building on the premises. The Income-tax Officer assessed Rs. 1,83,201 as capital gains for the assessment year 1967-68. The Tribunal confirmed this assessment despite the appellant's claims that the monthly lease had no ascertainable cost. The Supreme Court upheld the Tribunal's decision, emphasizing the procedural restrictions that barred the appellant from raising new arguments at the Supreme Court level. The case highlights the complexities of capital asset valuation and the implications of procedural adherence in tax law. The Court suggested that the appellant could seek relief from the Central Board of Direct Taxes, reflecting the ongoing challenges faced by taxpayers navigating capital gains assessments. |
| Court |
Supreme Court of India
|
| Entities Involved |
Associated Battery Makers (Eastern) Ltd.
|
| Judges |
S. Ranganathan,
V. Ramaswami,
N.D. Ojha
|
| Lawyers |
M.N. Banerjee,
Mridula Ray,
P.K. Banerjee,
S.C. Manchanda,
K.P. Bhatnagar,
Ms. A. Subhashini
|
| Petitioners |
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| Respondents |
|
| Citations |
1992 SLD 76,
1992 PTD 447
|
| Other Citations |
C.I.T. v. B.C. Srinivasa Setty (1981) 128 ITR 294,
A. Gasper v. CIT (1979) 117 ITR 581
|
| Laws Involved |
Income Tax Act, 1961
|
| Sections |
2(14),
2(47),
45
|