https://www.taxtmi.com/caselaws?id=13132 Capital gains under the Income-tax Act require the charging provision and computation machinery to operate together. The Gujarat HC noted that the assessee's remainderman's interest under a trust deed vested only on the death of his mother, but the decisive issue was whether that transferred right had an ascertainable cost of acquisition. It held that the interest arose only under the trust arrangement, no previous owner with a determinable cost of that right could be identified, and no actual cost of creation was shown in the settlor's hands. Because the computation provisions could not be applied, the capital gains charge did not attach. en-us Thu, 16 Aug 2001 00:00:00 +0530 Tue, 26 May 2009 16:04:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13132 Capital gains under the Income-tax Act require the charging provision and computation machinery to operate together. The Gujarat HC noted that the assessee's remainderman's interest under a trust deed vested only on the death of his mother, but the decisive issue was whether that transferred right had an ascertainable cost of acquisition. It held that the interest arose only under the trust arrangement, no previous owner with a determinable cost of that right could be identified, and no actual cost of creation was shown in the settlor's hands. Because the computation provisions could not be applied, the capital gains charge did not attach. Case-Laws Income Tax Thu, 16 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13132