1980 (10) TMI 126 - AT - Income Tax

Summary

The appeal was filed against the order of assessment for the assessment year 1975-76 by the ITAT MADRAS-C. The appellant, a transport operator, sold a bus claiming the sale value included route value. The appellate tribunal accepted the appellant's contention that there was a cost for the route value, and the gross capital gains assessable were determined to be Rs. 10,000. The appeal was allowed.