https://www.taxtmi.com/caselaws?id=394986 Where transfer consideration is diverted at source by an overriding title before it accrues to the assessee, no taxable capital gain arises in the assessee's hands, but the factual sequence must be verified to determine whether the proceeds ever reached the assessee. For a capital asset acquired before 01.04.1981, the assessee may adopt the fair market value as on that date as the cost of acquisition under section 55(2)(b), and the original purchase price need not be used. The discussion notes partial relief on capital gains computation, with one issue depending on factual verification and the other resolved in the assessee's favour. en-us Wed, 26 Feb 2020 00:00:00 +0530 Fri, 01 May 2020 12:44:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394986 Where transfer consideration is diverted at source by an overriding title before it accrues to the assessee, no taxable capital gain arises in the assessee's hands, but the factual sequence must be verified to determine whether the proceeds ever reached the assessee. For a capital asset acquired before 01.04.1981, the assessee may adopt the fair market value as on that date as the cost of acquisition under section 55(2)(b), and the original purchase price need not be used. The discussion notes partial relief on capital gains computation, with one issue depending on factual verification and the other resolved in the assessee's favour. Case-Laws Income Tax Wed, 26 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394986