https://www.taxtmi.com/caselaws?id=63399 The Tribunal ruled that the cost of acquisition for computing capital gains on the sale of jewellery should be based on the actual cost incurred at the time of acquisition, not the market value when the asset became a capital asset. The decision in CIT v. Bai Shirinbai K. Kooka was deemed inapplicable as it concerned business income, not capital gains. The Tribunal upheld the ITO's calculation of capital gains at Rs. 75,500, setting aside the AAC's order. en-us Thu, 18 Jun 1987 00:00:00 +0530 Sat, 29 Jan 2011 17:40:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63399 The Tribunal ruled that the cost of acquisition for computing capital gains on the sale of jewellery should be based on the actual cost incurred at the time of acquisition, not the market value when the asset became a capital asset. The decision in CIT v. Bai Shirinbai K. Kooka was deemed inapplicable as it concerned business income, not capital gains. The Tribunal upheld the ITO's calculation of capital gains at Rs. 75,500, setting aside the AAC's order. Case-Laws Income Tax Thu, 18 Jun 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63399