https://www.taxtmi.com/caselaws?id=8505 A capital loss is carry-forward eligible only if it falls under the head "capital gains" created by section 12B; a loss from 1951-52, when no capital gains tax applied to such transactions, was therefore not available for carry-forward or set-off against later capital gains. The commentary also states that substitution of fair market value under the third proviso to section 12B(2) is permitted only where that value can be determined with reasonable certainty on the evidence; a mere possibility of asset appreciation is insufficient. On that basis, the assessee could not use the 1 January 1954 market value for the shares. en-us Thu, 20 May 1971 00:00:00 +0530 Mon, 27 Apr 2009 17:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8505 A capital loss is carry-forward eligible only if it falls under the head "capital gains" created by section 12B; a loss from 1951-52, when no capital gains tax applied to such transactions, was therefore not available for carry-forward or set-off against later capital gains. The commentary also states that substitution of fair market value under the third proviso to section 12B(2) is permitted only where that value can be determined with reasonable certainty on the evidence; a mere possibility of asset appreciation is insufficient. On that basis, the assessee could not use the 1 January 1954 market value for the shares. Case-Laws Income Tax Thu, 20 May 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8505