https://www.taxtmi.com/caselaws?id=3681 Capital gains tax was held not to apply where land was acquired by operation of law and no cost of acquisition could be ascertained. The court applied the principle that the charging provision and computation machinery for capital gains form an integrated code, so a transfer falls outside section 45 if the computation provisions cannot operate. Because the land had been vested through a declaratory decree under the Punjab Occupancy Tenants (Vesting of Proprietary Rights) Act, 1952, and no payment for acquisition was shown, the asset was treated as having no conceivable cost of acquisition, and capital gains tax was not payable. en-us Wed, 06 Feb 2008 00:00:00 +0530 Sun, 27 Jul 2008 13:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3681 Capital gains tax was held not to apply where land was acquired by operation of law and no cost of acquisition could be ascertained. The court applied the principle that the charging provision and computation machinery for capital gains form an integrated code, so a transfer falls outside section 45 if the computation provisions cannot operate. Because the land had been vested through a declaratory decree under the Punjab Occupancy Tenants (Vesting of Proprietary Rights) Act, 1952, and no payment for acquisition was shown, the asset was treated as having no conceivable cost of acquisition, and capital gains tax was not payable. Case-Laws Income Tax Wed, 06 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3681