PRINCIPAL COMMISSIONER OF INCOME TAX -3, KOLKATA vs. M/S. ITC LIMITED

Appeal is allowed to the extent indicated

Bench: HON'BLE JUSTICE SURYA PRAKASH KESARWANI,HON'BLE JUSTICE RAJARSHI BHARADWAJ

54G and 54H, be chargeable to Income Tax under the head “Capital Gain”, and shall be deemed to be the income of the previous year in which the transfer took place”. Section 48 of The Income Tax Act 1961:- “48. Mode of computation. -The income chargeable under the head "Capital gains" shall be computed, by deducting from the full value