https://www.taxtmi.com/caselaws?id=207028 The court held that even when the cost of acquisition of a capital asset cannot be determined, but the asset has a market value, capital gains tax applies by considering the fair market value as on a specified date or at the option of the assessee, the market value on the acquisition date. The court rejected the views in previous cases and ruled in favor of the revenue, stating that capital gains tax is applicable even if the cost of acquisition is unascertainable, as the statute provides a method to determine the cost. en-us Fri, 28 Jan 2011 00:00:00 +0530 Thu, 28 Jul 2011 11:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207028 The court held that even when the cost of acquisition of a capital asset cannot be determined, but the asset has a market value, capital gains tax applies by considering the fair market value as on a specified date or at the option of the assessee, the market value on the acquisition date. The court rejected the views in previous cases and ruled in favor of the revenue, stating that capital gains tax is applicable even if the cost of acquisition is unascertainable, as the statute provides a method to determine the cost. Case-Laws Income Tax Fri, 28 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207028