M/S.VIRTUAL SOFT SYSTEMS LTD. vs. COMMISSIONER OF INCOME TAX, DELHI-I
C.A. No.-007115-007115 - 2005Supreme Court06 Feb 2007
For Respondent: Commissioner of Income Tax, Delhi-I
Section 260ASection 271(1)(c)Section 68
capital gains could not be
levied because under section 48 (ii) required computing the gain by
deducting from the full value of the consideration received.
Applying Elphinstone case to the present case, it can be held: -
a. "Total income" can only connote a positive figure and prior to
the 2003 Amendment, Explanation 4(a) to Section 271(1)(c)
required
