1990 (7) TMI 30 - HC - Income Tax

Summary

The High Court of Madras ruled that section 52(1) of the Income-tax Act, 1961 cannot be invoked to determine capital gains from the sale of buses by the assessee for the assessment year 1973-74. The decision was based on lack of evidence provided by the Revenue to establish a higher value received by the assessee. The judgment was in favor of the assessee, citing relevant case law.