VATSALA SHENOY vs. JT.COMMISSIONER OF INCOME TAX
C.A. No.-001234-001234 - 2012Supreme Court18 Oct 2016
Section 260Section 583(4)(a)
2(47) of the 1961 Act. It has very wide meaning.
What is taxable under Section 45(1) of the 1961 Act is
“profits and gains arising from a transfer of a capital asset”
and the charge of income tax on the capital gains is a
charge on the income of the previous year in which the
transfer took place
