https://www.taxtmi.com/caselaws?id=29020 The High Court held that for the computation of capital gains arising from the sale of shares, the cost of acquisition need not be incurred directly by the assessee but can be based on the amount spent by another party to acquire the shares. The court emphasized that the cost of acquisition relates to the nature of the asset and is not limited to the actual payment made by the assessee. Therefore, the court ruled in favor of the assessee, determining the cost of acquisition for the shares to be Rs. 40,000, as established by the Tribunal, rejecting the Revenue's argument that the cost should be based on the actual cost incurred by the assessee. en-us Thu, 19 Nov 1981 00:00:00 +0530 Wed, 10 Mar 2010 12:23:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29020 The High Court held that for the computation of capital gains arising from the sale of shares, the cost of acquisition need not be incurred directly by the assessee but can be based on the amount spent by another party to acquire the shares. The court emphasized that the cost of acquisition relates to the nature of the asset and is not limited to the actual payment made by the assessee. Therefore, the court ruled in favor of the assessee, determining the cost of acquisition for the shares to be Rs. 40,000, as established by the Tribunal, rejecting the Revenue's argument that the cost should be based on the actual cost incurred by the assessee. Case-Laws Income Tax Thu, 19 Nov 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29020