https://www.taxtmi.com/caselaws?id=70100 The ITAT allowed the appeal, directing the Assessing Officer to re-calculate capital gains based on the fair market value or cost of acquisition as per the assessee's option for shares acquired before 1-4-1974. The ITAT emphasized that the assessee's method of valuation, using original cost for some shares and averaging for others, was not acceptable, as only one valuation option was allowed. The ITAT distinguished previous judgments and highlighted the specific circumstances of this case, requiring the application of the fair market value substitution option for procedural fairness. en-us Wed, 18 Aug 1993 00:00:00 +0530 Thu, 14 Apr 2011 13:02:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70100 The ITAT allowed the appeal, directing the Assessing Officer to re-calculate capital gains based on the fair market value or cost of acquisition as per the assessee's option for shares acquired before 1-4-1974. The ITAT emphasized that the assessee's method of valuation, using original cost for some shares and averaging for others, was not acceptable, as only one valuation option was allowed. The ITAT distinguished previous judgments and highlighted the specific circumstances of this case, requiring the application of the fair market value substitution option for procedural fairness. Case-Laws Income Tax Wed, 18 Aug 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70100