https://www.taxtmi.com/caselaws?id=69390 For capital gains computation on shares received in amalgamation, Section 49(2) was read with Section 55(2)(i) so that, where the underlying amalgamating-company shares were held before 1 January 1964, the assessee could opt for their fair market value on that date as the cost of acquisition. The Tribunal also held that the Revenue's additional ground on that valuation issue could be entertained as a pure question of law on the existing record. On share valuation, 6 per cent was the proper capitalisation rate for the relevant date, and the average of yield value and break-up value could not be used. A separate deduction for bonus-shares cost was disallowed on the facts. en-us Tue, 22 Dec 1987 00:00:00 +0530 Mon, 13 Jun 2011 17:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69390 For capital gains computation on shares received in amalgamation, Section 49(2) was read with Section 55(2)(i) so that, where the underlying amalgamating-company shares were held before 1 January 1964, the assessee could opt for their fair market value on that date as the cost of acquisition. The Tribunal also held that the Revenue's additional ground on that valuation issue could be entertained as a pure question of law on the existing record. On share valuation, 6 per cent was the proper capitalisation rate for the relevant date, and the average of yield value and break-up value could not be used. A separate deduction for bonus-shares cost was disallowed on the facts. Case-Laws Income Tax Tue, 22 Dec 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69390