https://www.taxtmi.com/caselaws?id=29338 For capital loss computation on share sales, the original cost of acquisition remains the assessee's actual cost, subject only to the statutory adjustment in section 55(2), and a later bonus issue does not reduce that cost; the point was answered for the assessee. A lease of house properties to a partnership firm composed of close relatives was treated as collusive and not genuine on the surrounding facts; the finding was upheld against the assessee. For house property income, annual value must be determined by the rent reasonably expected to be received under sections 22 and 23, not by a sham or understated rent arrangement; this issue was decided for the Revenue. en-us Mon, 20 Jul 1981 00:00:00 +0530 Fri, 12 Mar 2010 12:37:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29338 For capital loss computation on share sales, the original cost of acquisition remains the assessee's actual cost, subject only to the statutory adjustment in section 55(2), and a later bonus issue does not reduce that cost; the point was answered for the assessee. A lease of house properties to a partnership firm composed of close relatives was treated as collusive and not genuine on the surrounding facts; the finding was upheld against the assessee. For house property income, annual value must be determined by the rent reasonably expected to be received under sections 22 and 23, not by a sham or understated rent arrangement; this issue was decided for the Revenue. Case-Laws Income Tax Mon, 20 Jul 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29338