https://www.taxtmi.com/caselaws?id=68787 The Tribunal allowed the appeal, ruling that Section 50C could not be applied alongside Section 45(3) because the transfer was not registered and no stamp duty was paid. Therefore, the value recorded in the firm's books was deemed the full consideration for computing capital gains. Additionally, the Tribunal upheld the assessee's option to adopt the fair market value as of 1st April 1981 as the cost of acquisition, as permitted under Section 55(2)(b)(i), for calculating capital gains. en-us Fri, 14 Nov 2008 00:00:00 +0530 Thu, 07 Dec 2023 19:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68787 The Tribunal allowed the appeal, ruling that Section 50C could not be applied alongside Section 45(3) because the transfer was not registered and no stamp duty was paid. Therefore, the value recorded in the firm's books was deemed the full consideration for computing capital gains. Additionally, the Tribunal upheld the assessee's option to adopt the fair market value as of 1st April 1981 as the cost of acquisition, as permitted under Section 55(2)(b)(i), for calculating capital gains. Case-Laws Income Tax Fri, 14 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68787