1985 (8) TMI 50 - HC - Income Tax

Summary

The High Court of Delhi ruled on a petition under section 256(2) of the Income Tax Act, 1961, for the assessment year 1976-77. The court addressed questions regarding the taxation of capital gains and the availability of options under the Income Tax Act. The court upheld the assessee's right to choose the previous year for capital gains, as per section 3(1)(b) of the Act. The application was rejected, and parties were left to bear their own costs.