https://www.taxtmi.com/caselaws?id=21142 The High Court determined that the cost of acquisition for calculating capital gains on land acquired without payment should be based on the fair market value on the date of acquisition, rather than considering it as nil. The court relied on legal provisions and case law interpretations, ultimately ruling in favor of the assessee. The court declined to refer the matter to a larger Bench due to minimal tax impact and changes in the law post-1976. en-us Thu, 21 Jan 1993 00:00:00 +0530 Fri, 20 Nov 2009 13:07:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21142 The High Court determined that the cost of acquisition for calculating capital gains on land acquired without payment should be based on the fair market value on the date of acquisition, rather than considering it as nil. The court relied on legal provisions and case law interpretations, ultimately ruling in favor of the assessee. The court declined to refer the matter to a larger Bench due to minimal tax impact and changes in the law post-1976. Case-Laws Income Tax Thu, 21 Jan 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21142