https://www.taxtmi.com/caselaws?id=25959 Capital gains tax was inapplicable to compensation attributable to protected tenancy rights because the right was conferred by statute without any ascertainable cost of acquisition. The court applied the sections 45 and 48 computation scheme, holding that where no cost of acquisition can be conceived, the charging provision fails because the taxable surplus cannot be computed. Periodical rent paid by the tenant was not treated as consideration for acquiring the tenancy right, and section 55 could not create a notional cost where none existed. en-us Tue, 20 Jan 1987 00:00:00 +0530 Tue, 02 Feb 2010 10:09:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25959 Capital gains tax was inapplicable to compensation attributable to protected tenancy rights because the right was conferred by statute without any ascertainable cost of acquisition. The court applied the sections 45 and 48 computation scheme, holding that where no cost of acquisition can be conceived, the charging provision fails because the taxable surplus cannot be computed. Periodical rent paid by the tenant was not treated as consideration for acquiring the tenancy right, and section 55 could not create a notional cost where none existed. Case-Laws Income Tax Tue, 20 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25959