https://www.taxtmi.com/caselaws?id=288956 For capital gains on sale of a right to subscribe to additional shares, the Bombay HC noted that "actual cost to the assessee" under section 12B(2)(ii) of the Income-tax Act, 1922 means only money actually spent or laid out to acquire the capital asset. Because the subscription right arose from shareholding and no separate amount was paid or incurred to obtain it, the earlier cost of the shares could not be treated as the cost of that right. Commercial or notional valuation principles were held inapplicable to the statutory computation, and no deduction was allowed against the sale proceeds of the right. en-us Sat, 25 Aug 1962 00:00:00 +0530 Wed, 08 Jul 2020 09:55:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288956 For capital gains on sale of a right to subscribe to additional shares, the Bombay HC noted that "actual cost to the assessee" under section 12B(2)(ii) of the Income-tax Act, 1922 means only money actually spent or laid out to acquire the capital asset. Because the subscription right arose from shareholding and no separate amount was paid or incurred to obtain it, the earlier cost of the shares could not be treated as the cost of that right. Commercial or notional valuation principles were held inapplicable to the statutory computation, and no deduction was allowed against the sale proceeds of the right. Case-Laws Income Tax Sat, 25 Aug 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288956