https://www.taxtmi.com/caselaws?id=56473 Capital-gains computation for rights renounced on the issue of FCDs requires the cost attributable to the embedded right to be reasonably and equitably apportioned from the actual cost of the original shares. The rights cannot be assigned an independent cost exceeding that original share cost; valuation should reflect depreciation in value and indexed cost principles where applicable. An amendment governing the cost of acquisition of financial-asset rights, effective from 1 April 1995, applies prospectively and cannot determine tax consequences for an earlier assessment year. The unamended capital-gains framework therefore governs the relevant period. en-us Wed, 19 Feb 2003 00:00:00 +0530 Wed, 20 Jun 2012 13:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56473 Capital-gains computation for rights renounced on the issue of FCDs requires the cost attributable to the embedded right to be reasonably and equitably apportioned from the actual cost of the original shares. The rights cannot be assigned an independent cost exceeding that original share cost; valuation should reflect depreciation in value and indexed cost principles where applicable. An amendment governing the cost of acquisition of financial-asset rights, effective from 1 April 1995, applies prospectively and cannot determine tax consequences for an earlier assessment year. The unamended capital-gains framework therefore governs the relevant period. Case-Laws Income Tax Wed, 19 Feb 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56473