https://www.taxtmi.com/caselaws?id=71607 The Tribunal allowed the assessee to adopt the fair market value as on 1-4-1981 for computing capital gains, held that no capital gains arose from the sale of coupons, and allowed the interest on borrowings as a business expense. The Tribunal disagreed with the Assessing Officer's computation of capital gains on the sale of shares and bonus shares, ruling that the fair market value as on 1-4-1981 could be adopted. The Tribunal also disagreed with the tax treatment of receipts from the sale of coupons, stating that no capital gains arose due to the lack of identifiable cost of acquisition. Additionally, the Tribunal allowed the interest on borrowings, emphasizing that it was for business purposes and thus allowable under section 36. en-us Mon, 15 Jan 2001 00:00:00 +0530 Tue, 26 Apr 2011 10:12:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71607 The Tribunal allowed the assessee to adopt the fair market value as on 1-4-1981 for computing capital gains, held that no capital gains arose from the sale of coupons, and allowed the interest on borrowings as a business expense. The Tribunal disagreed with the Assessing Officer's computation of capital gains on the sale of shares and bonus shares, ruling that the fair market value as on 1-4-1981 could be adopted. The Tribunal also disagreed with the tax treatment of receipts from the sale of coupons, stating that no capital gains arose due to the lack of identifiable cost of acquisition. Additionally, the Tribunal allowed the interest on borrowings, emphasizing that it was for business purposes and thus allowable under section 36. Case-Laws Income Tax Mon, 15 Jan 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71607