Supreme Court · 1989 INSC 50 · Decided 10 February 1989
A.R. Krishnamurthy & Anr v. C.L.T. Madras
- Court
- Supreme Court of India
- Citation
- 1989 INSC 50 · [1989] 1 S.C.R. 596
- Case number
- CIVIL APPEAL No. 2717/1985
- Decided
- 10 February 1989
- Bench
- R.S. PATHAK, M.N. VENKATACHALIAH, KULDIP SINGH (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 2(14), 2(47), 45, 261
Headnote
Income Tax Act, 1961: Sections 2(14), 2(47), 45 and 261- Capital gains-Taxability of-Piece of Land purchased by assessee­ M ining lease to excavate clay from the land granted-Amounts to trans- C fer of 'capital asset'-Capital gains arise-Cost of acquisition of right to grant mining lease is valuation possible to be made on basis of evidence. · The appellant-assessee, a body of individuals, purchased two D pieces of land in the year 1966. In 1970 it granted a mining lease to a private company (an allied concern) to extract clay for a period of ten years at a premium of Rs.
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