https://www.taxtmi.com/caselaws?id=121643 The Tribunal allowed the appeals in part, directing the Assessing Officer to recompute the capital gains and interest as per the Tribunal's findings. The assessee, a non-resident, was entitled to adopt the Fair Market Value (FMV) as on 1-4-1981 for computing capital gains, replace the cost of acquisition with FMV, compute capital gains for all shares acquired, and was liable to pay interest under section 234B for default in advance tax payment. The Tribunal emphasized the need to consider sections 48, 49, and 55 of the Income-tax Act independently to avoid unfairness in historical cost relevance. en-us Wed, 14 Jan 2009 00:00:00 +0530 Wed, 01 Aug 2012 12:21:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121643 The Tribunal allowed the appeals in part, directing the Assessing Officer to recompute the capital gains and interest as per the Tribunal's findings. The assessee, a non-resident, was entitled to adopt the Fair Market Value (FMV) as on 1-4-1981 for computing capital gains, replace the cost of acquisition with FMV, compute capital gains for all shares acquired, and was liable to pay interest under section 234B for default in advance tax payment. The Tribunal emphasized the need to consider sections 48, 49, and 55 of the Income-tax Act independently to avoid unfairness in historical cost relevance. Case-Laws Income Tax Wed, 14 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121643