https://www.taxtmi.com/caselaws?id=66169 Capital gains were held not chargeable where land ownership vested in a protected tenant without any cost of acquisition. The assessee's statutory payment under section 7(3) was treated as a premium for formal registration of occupancy rights, not as a purchase price creating a new asset or new right. As the property was acquired without an ascertainable cost, the computation provisions for capital gains could not be applied. The first appellate authority's view on non-taxability was sustained, and the cross-objection became infructuous. en-us Sat, 11 Aug 2001 00:00:00 +0530 Mon, 21 Feb 2011 18:52:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66169 Capital gains were held not chargeable where land ownership vested in a protected tenant without any cost of acquisition. The assessee's statutory payment under section 7(3) was treated as a premium for formal registration of occupancy rights, not as a purchase price creating a new asset or new right. As the property was acquired without an ascertainable cost, the computation provisions for capital gains could not be applied. The first appellate authority's view on non-taxability was sustained, and the cross-objection became infructuous. Case-Laws Income Tax Sat, 11 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66169