https://www.taxtmi.com/caselaws?id=55879 The Tribunal determined that the remainderman's interest constituted a capital asset under the Income Tax Act. The Judicial Member held that as the cost of acquisition could not be identified, the provisions of Section 45 on capital gains tax did not apply, allowing the appeals. In contrast, the Accountant Member found the interest to be a capital asset with a traceable cost, subjecting it to capital gains tax. Upon referral to a Third Member, it was decided that the assessee was liable for capital gains tax on the sale of the remainderman's interest. en-us Wed, 10 Jul 1985 00:00:00 +0530 Tue, 30 Nov 2010 15:00:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55879 The Tribunal determined that the remainderman's interest constituted a capital asset under the Income Tax Act. The Judicial Member held that as the cost of acquisition could not be identified, the provisions of Section 45 on capital gains tax did not apply, allowing the appeals. In contrast, the Accountant Member found the interest to be a capital asset with a traceable cost, subjecting it to capital gains tax. Upon referral to a Third Member, it was decided that the assessee was liable for capital gains tax on the sale of the remainderman's interest. Case-Laws Income Tax Wed, 10 Jul 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55879