https://www.taxtmi.com/caselaws?id=15643 The court ruled against the assessee in a tax case involving the computation of capital gains on property received from a company on reduction of share capital. The court held that the assessee could not substitute the market value of the property as the cost of acquisition for computing capital gains. Drawing on previous judgments, the court emphasized that the value of the property received in such transactions should be based on the book value at the time of acquisition, and shareholders could not claim additional benefits beyond what was specified in the company's resolution. The case was dismissed with no order as to costs. en-us Fri, 13 Feb 1998 00:00:00 +0530 Wed, 26 Aug 2009 16:18:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15643 The court ruled against the assessee in a tax case involving the computation of capital gains on property received from a company on reduction of share capital. The court held that the assessee could not substitute the market value of the property as the cost of acquisition for computing capital gains. Drawing on previous judgments, the court emphasized that the value of the property received in such transactions should be based on the book value at the time of acquisition, and shareholders could not claim additional benefits beyond what was specified in the company's resolution. The case was dismissed with no order as to costs. Case-Laws Income Tax Fri, 13 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15643