https://www.taxtmi.com/caselaws?id=36779 The court determined that the cost of acquisition of assets for capital gains computation should be based on the value as recorded in the firm's books as of July 1, 1962. The Tribunal's direction to consider the market value as on July 1, 1962 was found to be incorrect, as the relevant provisions did not support this approach. The court emphasized that the cost of acquisition alone should be considered for computing capital gains, rejecting the Tribunal's interpretation. The decision favored the revenue, with no order as to costs. en-us Mon, 06 Aug 1979 00:00:00 +0530 Wed, 24 Mar 2010 14:01:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36779 The court determined that the cost of acquisition of assets for capital gains computation should be based on the value as recorded in the firm's books as of July 1, 1962. The Tribunal's direction to consider the market value as on July 1, 1962 was found to be incorrect, as the relevant provisions did not support this approach. The court emphasized that the cost of acquisition alone should be considered for computing capital gains, rejecting the Tribunal's interpretation. The decision favored the revenue, with no order as to costs. Case-Laws Income Tax Mon, 06 Aug 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36779