VATSALA SHENOY vs. JT.COMMISSIONER OF INCOME TAX
C.A. No.-001234-001234 - 2012Supreme Court18 Oct 2016
Section 260Section 583(4)(a)
1) of
the 1961 Act. From the scheme of Section 45, it is clear
that capital gains is not an income which accrues from
day-to-day during a specific period but it arises at a fixed
point of time, namely, on the date of the transfer. In short,
Section 45 defines “capital gains”, it makes them
chargeable
