https://www.taxtmi.com/caselaws?id=17331 The Court held that when rights shares or debentures are issued, any fall in the value of original shares must be considered in computing capital gain. If the value is not more than the cost invested, the sale amount cannot be taxed as capital gain. Since the original shares were treated as capital assets and there was no finding that the assessee was a dealer in shares, no capital gain remained for tax after considering the fall in value. The Court discharged the rule based on the above reasoning. en-us Thu, 19 Feb 1998 00:00:00 +0530 Mon, 21 Sep 2009 16:07:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17331 The Court held that when rights shares or debentures are issued, any fall in the value of original shares must be considered in computing capital gain. If the value is not more than the cost invested, the sale amount cannot be taxed as capital gain. Since the original shares were treated as capital assets and there was no finding that the assessee was a dealer in shares, no capital gain remained for tax after considering the fall in value. The Court discharged the rule based on the above reasoning. Case-Laws Income Tax Thu, 19 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17331