COMMONWEALTH TRUST LTD. versus COMMISSIONER OF INCOME-TAX
Capital gains Capital Gains Count Capital Pricing Asset in respect of which section 50 (1) has been acquired is not available to such person at this date, the replacement of the fair market value value on which the Indian Income Tax Act 1961, section 32 Disallow, and, 45, 49, Disallow and Business 55 Expenses not allowed for business expenses which result in the benefit, convenience or allowance of employees to pay in cash Section 40 (a) (v) Indian Income Tax Not under section 40 (a) (v) of the Act, 1961. [Gokulas Das & Co vs. JP Shah (1995) 211 ITR 706 (Boom) rejected and CIT v. Commonwealth Trust Limited (1982) 135 ITR 19 reversed]
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