https://www.taxtmi.com/caselaws?id=25590 The court determined that the cost of acquisition of shares for a Hindu undivided family (HUF) should be considered as nil for the purpose of computing capital gains, rejecting the HUF's argument to deduct the market value of the shares at the time they were thrown into the hotch-pot. The court emphasized that the actual cost to the assessee must be considered, referencing relevant provisions of the Income-tax Act, 1961 and prior case law. The court disagreed with alternative interpretations from other High Courts and held in favor of the Revenue, concluding that the cost of acquisition for the HUF shares should be nil. en-us Thu, 12 Mar 1987 00:00:00 +0530 Fri, 29 Jan 2010 16:03:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25590 The court determined that the cost of acquisition of shares for a Hindu undivided family (HUF) should be considered as nil for the purpose of computing capital gains, rejecting the HUF's argument to deduct the market value of the shares at the time they were thrown into the hotch-pot. The court emphasized that the actual cost to the assessee must be considered, referencing relevant provisions of the Income-tax Act, 1961 and prior case law. The court disagreed with alternative interpretations from other High Courts and held in favor of the Revenue, concluding that the cost of acquisition for the HUF shares should be nil. Case-Laws Income Tax Thu, 12 Mar 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25590