A.R. Krishnamurthy & Anr. vs Commissioner Of Income Tax

Authority: Supreme Court Date: 1989-02-10 Section: 2(14), 2(47), 45(1), 55(2) Acts: Income Tax Act 1961 Result: Revenue Citation: (1989) 76 CTR (SC) 18 : (1989) 176 ITR 417 (SC) : (1989) 43 TAXMAN 30 Justices: R.S. Pathak, C.J.I.; M.N. Venkatachaliah & Kuldip Singh, JJ. Appeal No: Civil Appeal No. 2717 of 1985
Whether the grant of a mining lease for ten years constitutes a transfer of a capital asset giving rise to taxable capital gains under Section 45 of the Income Tax Act, 1961 --- Held Yes. Whether the cost of acquisition of such leasehold rights is capable of valuation for computing capital gains --- Held Yes.

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