https://www.taxtmi.com/caselaws?id=23983 The High Court of Madhya Pradesh ruled that the assessee could claim the cost of acquisition as per section 55(2)(ii) until the computation of income under capital gains was finalized. The Court held that the assessee had the freedom to choose the cost of the asset to the previous owner or fair market value until the final computation. The Tribunal's decision disallowing the assessee from claiming the cost of acquisition was deemed unjustified. Consequently, both questions were answered in favor of the assessee, directing each party to bear their respective costs. en-us Thu, 07 Jan 1988 00:00:00 +0530 Fri, 15 Jan 2010 16:31:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23983 The High Court of Madhya Pradesh ruled that the assessee could claim the cost of acquisition as per section 55(2)(ii) until the computation of income under capital gains was finalized. The Court held that the assessee had the freedom to choose the cost of the asset to the previous owner or fair market value until the final computation. The Tribunal's decision disallowing the assessee from claiming the cost of acquisition was deemed unjustified. Consequently, both questions were answered in favor of the assessee, directing each party to bear their respective costs. Case-Laws Income Tax Thu, 07 Jan 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23983