https://www.taxtmi.com/caselaws?id=16745 The court ruled against the assessee in a case concerning the computation of capital gains based on the cost of acquisition of property. The court held that the market value as of April 1, 1964, could not be considered the cost of acquisition for calculating capital gains. The court referred to a previous case involving the assessee's brother and determined that the cost as shown in the books of the firm and the parties' valuation was the actual cost, rejecting the argument for market value. The decision favored the Department, denying the assessee's claim. en-us Wed, 29 Jan 1997 00:00:00 +0530 Wed, 09 Sep 2009 17:30:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16745 The court ruled against the assessee in a case concerning the computation of capital gains based on the cost of acquisition of property. The court held that the market value as of April 1, 1964, could not be considered the cost of acquisition for calculating capital gains. The court referred to a previous case involving the assessee's brother and determined that the cost as shown in the books of the firm and the parties' valuation was the actual cost, rejecting the argument for market value. The decision favored the Department, denying the assessee's claim. Case-Laws Income Tax Wed, 29 Jan 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16745