https://www.taxtmi.com/caselaws?id=29644 Where shares or the asset from which they are derived were acquired before 1 January 1954, the assessee may opt under the capital gains computation rules to substitute fair market value on that date for actual cost. The sub-division of shares did not defeat that option because the cost of the subdivided shares was traceable to the original pre-1954 shares. The later issue of bonus shares was irrelevant to the valuation date and did not justify averaging the fair market value or cost of acquisition. The valuation question was therefore decided in favour of the assessee, and averaging was rejected. en-us Tue, 25 Nov 1980 00:00:00 +0530 Mon, 15 Mar 2010 13:08:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29644 Where shares or the asset from which they are derived were acquired before 1 January 1954, the assessee may opt under the capital gains computation rules to substitute fair market value on that date for actual cost. The sub-division of shares did not defeat that option because the cost of the subdivided shares was traceable to the original pre-1954 shares. The later issue of bonus shares was irrelevant to the valuation date and did not justify averaging the fair market value or cost of acquisition. The valuation question was therefore decided in favour of the assessee, and averaging was rejected. Case-Laws Income Tax Tue, 25 Nov 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29644