COMMISSIONER OF INCOME-TAX versus D. A. IRANI
Capital gains The theory of merger applies to short-term or long-term capital tenants who rent a flat on a lease on the ownership of such flat and acquire the property within five months of acquiring the property in the interest of the lender. The lease ends with the acquisition of the property. The losses on sale were short-term capital gains which were the Indian Income Tax Act, 1961, Section 2 and 45 of the Indian Transfer of Property Act, 1882, section 111.
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