https://www.taxtmi.com/caselaws?id=120518 The right to construct additional floors under the Development Control Regulation, 1991 was treated as a distinct capital asset, but it had no ascertainable cost of acquisition in the assessee's hands because it arose from the regulatory scheme itself. As the asset did not fall within the specific assets covered by section 55(2)(a) of the Income-tax Act, 1961, the deeming of nil cost did not apply. Applying the principle that capital gains computation under section 45 can operate only where a cost can be envisaged, the computation provisions failed, and the receipt was held not chargeable as long-term capital gain. en-us Thu, 15 May 2008 00:00:00 +0530 Wed, 13 Dec 2023 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120518 The right to construct additional floors under the Development Control Regulation, 1991 was treated as a distinct capital asset, but it had no ascertainable cost of acquisition in the assessee's hands because it arose from the regulatory scheme itself. As the asset did not fall within the specific assets covered by section 55(2)(a) of the Income-tax Act, 1961, the deeming of nil cost did not apply. Applying the principle that capital gains computation under section 45 can operate only where a cost can be envisaged, the computation provisions failed, and the receipt was held not chargeable as long-term capital gain. Case-Laws Income Tax Thu, 15 May 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120518