https://www.taxtmi.com/caselaws?id=20204 The High Court, in a case addressing the determination of cost for capital gains by a Hindu undivided family, emphasized the market value of the asset at the time of acquisition. It clarified that throwing shares into a family hotchpot does not constitute a legal transfer but confers absolute title to the family. The court also ruled on the identification of previous owners and the applicability of the general doctrine of real profits or gains under section 49(1) of the Income-tax Act. The judgment highlighted the importance of utilizing the market value of the property at the time of acquisition by the family for assessing capital gains. en-us Wed, 04 Aug 1993 00:00:00 +0530 Thu, 12 Nov 2009 13:52:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20204 The High Court, in a case addressing the determination of cost for capital gains by a Hindu undivided family, emphasized the market value of the asset at the time of acquisition. It clarified that throwing shares into a family hotchpot does not constitute a legal transfer but confers absolute title to the family. The court also ruled on the identification of previous owners and the applicability of the general doctrine of real profits or gains under section 49(1) of the Income-tax Act. The judgment highlighted the importance of utilizing the market value of the property at the time of acquisition by the family for assessing capital gains. Case-Laws Income Tax Wed, 04 Aug 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20204