1992 (1) TMI 79 - HC - Income Tax

Summary

The High Court of Gujarat ruled that the amount of Rs. 60,000 received by the assessee on retirement from M/s. Modi Dyes and Industries is not exigible to capital gains tax under section 45 or chargeable to tax under section 28(iv) of the Income-tax Act, 1961. The decision was based on previous court rulings and the question was answered in favor of the assessee.