https://www.taxtmi.com/caselaws?id=20339 The court held that the cost of acquisition of agricultural land for the purpose of determining capital gains should be based on the date of original acquisition, January 1, 1954, rather than when the land became a capital asset in 1970. The court emphasized that the critical factor is the "cost of acquisition" and not the date of asset conversion. It rejected the assessee's argument and upheld the authorities' decision that the cost remains unchanged from the original acquisition date. The court emphasized adherence to the Income-tax Act provisions in computing capital gains. en-us Thu, 30 Sep 1993 00:00:00 +0530 Fri, 13 Nov 2009 13:29:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20339 The court held that the cost of acquisition of agricultural land for the purpose of determining capital gains should be based on the date of original acquisition, January 1, 1954, rather than when the land became a capital asset in 1970. The court emphasized that the critical factor is the "cost of acquisition" and not the date of asset conversion. It rejected the assessee's argument and upheld the authorities' decision that the cost remains unchanged from the original acquisition date. The court emphasized adherence to the Income-tax Act provisions in computing capital gains. Case-Laws Income Tax Thu, 30 Sep 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20339