Court Rules on Capital Gain from Sale of Shares: Creditor Payments Not Considered Acquisition Costs Lacking Evidence.

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....Determining capital Gain on sale of shares received in exchange of membership of the broking concern - dues paid to certain creditors of the broking concern as cost of shares - the theory of payment to creditor for obtaining shares of membership of the stock exchange is only an ipse dixit of the assessee, devoid of cogent corroborative material. - AT....