https://www.taxtmi.com/caselaws?id=20600 The High Court held that the Tribunal erred in determining the cost of shares at the market rate and should have considered it as nil. The court ruled that the act of throwing shares into the common stock by a coparcener did not constitute a gift under Section 49(1) of the Income-tax Act. The cost of acquisition for the Hindu undivided family was deemed to be nil, in line with the Supreme Court's interpretation that such blending of separate property with coparcenary property incurred no cost. The judgment was delivered without costs, allowing for further submissions by the assessee under Section 260 of the Act. en-us Fri, 09 Apr 1993 00:00:00 +0530 Mon, 16 Nov 2009 10:41:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20600 The High Court held that the Tribunal erred in determining the cost of shares at the market rate and should have considered it as nil. The court ruled that the act of throwing shares into the common stock by a coparcener did not constitute a gift under Section 49(1) of the Income-tax Act. The cost of acquisition for the Hindu undivided family was deemed to be nil, in line with the Supreme Court's interpretation that such blending of separate property with coparcenary property incurred no cost. The judgment was delivered without costs, allowing for further submissions by the assessee under Section 260 of the Act. Case-Laws Income Tax Fri, 09 Apr 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20600