https://www.taxtmi.com/caselaws?id=59523 The Appellate Tribunal ITAT BOMBAY-H considered the computation of long term capital gains for the assessment year 1998-99. The main issue was whether capital gains could be charged on a forfeited amount and how it should be treated in relation to the cost of acquisition. The Tribunal ruled that since the amount was forfeited without the actual transfer of the asset, it could not be considered as capital gains. It upheld the decision to consider the cost of acquisition at 'Nil' value, in line with the clear language of the statute. The appeal was partly allowed, affirming the CIT(A)'s order on the computation of long term capital gains. en-us Wed, 07 Jul 2004 00:00:00 +0530 Thu, 30 Dec 2010 13:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59523 The Appellate Tribunal ITAT BOMBAY-H considered the computation of long term capital gains for the assessment year 1998-99. The main issue was whether capital gains could be charged on a forfeited amount and how it should be treated in relation to the cost of acquisition. The Tribunal ruled that since the amount was forfeited without the actual transfer of the asset, it could not be considered as capital gains. It upheld the decision to consider the cost of acquisition at 'Nil' value, in line with the clear language of the statute. The appeal was partly allowed, affirming the CIT(A)'s order on the computation of long term capital gains. Case-Laws Income Tax Wed, 07 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59523