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Case Law Details

Case Name : S M Sundaram Vs The Commissioner of Income Tax (Madras High Court)
Related Assessment Year :
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S M Sundaram Vs. CIT (Madras High Court)– Under section 48(1), the deduction in respect of the full value of the consideration received or accrued regarding the expenditure incurred wholly, etc. and cost of acquisition of asset and the cost of improvement are granted. This deduction has admittedly been granted from the capital gain in the hands of the partnership firm.

Sections 48(1) and 48(2) of the Act cannot be read separately. Unless an assessee gets benefit u/s 48(1), he cannot independently claim t

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