https://www.taxtmi.com/caselaws?id=12089 The High Court analyzed the interpretation of section 49(1) of the Income-tax Act, 1961, regarding the inclusion of a sum paid during the dissolution of a firm in the cost of acquisition for computing capital gains. The court ruled in favor of the Revenue, holding that the cost of acquisition should only consider the cost incurred by the firm prior to the dissolution, not additional payments made during the dissolution process. Consequently, the court rejected the firm's claim to include the sum paid to the retiring partner in the cost of acquisition for computing capital gains. en-us Tue, 20 Aug 2002 00:00:00 +0530 Tue, 16 Feb 2010 19:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12089 The High Court analyzed the interpretation of section 49(1) of the Income-tax Act, 1961, regarding the inclusion of a sum paid during the dissolution of a firm in the cost of acquisition for computing capital gains. The court ruled in favor of the Revenue, holding that the cost of acquisition should only consider the cost incurred by the firm prior to the dissolution, not additional payments made during the dissolution process. Consequently, the court rejected the firm's claim to include the sum paid to the retiring partner in the cost of acquisition for computing capital gains. Case-Laws Income Tax Tue, 20 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12089