1978 (7) TMI 88 - HC - Income Tax

Application For Reference, Capital Gains, Fair Market Value, High Court, Income Tax Act, Written Down Value

Summary

The court held that an assessee must rely on the written down value of an asset, not the fair market value, for determining capital gains. The appeal against the assessment order was deemed incompetent as the ITO acted in accordance with the AAC's directions. The assessee had no right of appeal against the ITO's actions.