https://www.taxtmi.com/caselaws?id=25399 The court held that the sale proceeds from the calves were not liable to capital gains tax as there was no cost of acquisition for the calves, therefore no capital gain arose from their sale as a capital asset. The judgment emphasized the need to exclude the cost of rearing from the sale price to determine the actual cost of acquisition accurately. The court referenced a Supreme Court decision to support the assessee's argument and ruled in favor of the assessee, with no costs awarded. en-us Thu, 02 Apr 1987 00:00:00 +0530 Thu, 28 Jan 2010 13:22:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25399 The court held that the sale proceeds from the calves were not liable to capital gains tax as there was no cost of acquisition for the calves, therefore no capital gain arose from their sale as a capital asset. The judgment emphasized the need to exclude the cost of rearing from the sale price to determine the actual cost of acquisition accurately. The court referenced a Supreme Court decision to support the assessee's argument and ruled in favor of the assessee, with no costs awarded. Case-Laws Income Tax Thu, 02 Apr 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25399