https://www.taxtmi.com/caselaws?id=69940 For short-term capital gains, expenditure incurred in acquiring and perfecting title to a capital asset may be capitalised into the cost of acquisition when commercial accounting principles require it. Interest on borrowed purchase money, advocate's fees for completing the acquisition, and urban land tax treated as a charge on the land were included as acquisition cost. Section 55(1)(b) was held inapplicable because it concerns cost of improvement, not the composition of cost of acquisition under sections 45 and 48. The computation of capital gains was therefore governed by ordinary commercial and accountancy principles, supporting inclusion of the claimed expenditure in the acquisition cost. en-us Wed, 15 Dec 1982 00:00:00 +0530 Wed, 13 Apr 2011 10:23:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69940 For short-term capital gains, expenditure incurred in acquiring and perfecting title to a capital asset may be capitalised into the cost of acquisition when commercial accounting principles require it. Interest on borrowed purchase money, advocate's fees for completing the acquisition, and urban land tax treated as a charge on the land were included as acquisition cost. Section 55(1)(b) was held inapplicable because it concerns cost of improvement, not the composition of cost of acquisition under sections 45 and 48. The computation of capital gains was therefore governed by ordinary commercial and accountancy principles, supporting inclusion of the claimed expenditure in the acquisition cost. Case-Laws Income Tax Wed, 15 Dec 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69940