Capital Gains Tax Applies When Asset Cost is Unknown; Use Fair Market Value from 1954 or Acquisition Date.

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....Capital gain - even where cost of acquisition of capital asset cannot be ascertained but the asset has market value, capital gain will be attracted by taking the cost of acquisition to be fair market value as on 1.1.1954 or on date statutorily specified or at the option by assesse, market value on the date of acquisition.... - HC....