9911796707
TMI Blog2008 (1) TMI 314X X X X Extracts X X X X X X X X Extracts X X X X ..... air Market Value” as “cost of acquisition” is available to assessee - whether the coupons received alongwith non convertible debentures were liable for capital gains – no proof that coupons were security as per Securities Contracts Regulation Act – section 55(2) will not apply – coupons not liable to capital gain X X X X Extracts X X X X X X X X Extracts X X X X ..... the sale of the shares while working out capital gain assessee computed fair market price as on 1.4.1981. The Assessing Officer held that since the assessee was holding the shares as stock-in-trade upto 2.11.1987 and as the said shares were not capital assets as on 1.4.1981, the option adopted as fair market price as on 1.4.1981 was not available to the assessee. 4. The revenue had carried this m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o what could said to be the "Cost of Acquisition" of the said agricultural lands. It was held by this court that what was relevant for computing the capital gains tax was the "Cost of Acquisition" and not the cost on date on which the asset was treated as capital asset. That cost of acquisition was the cost of the asset on the date when the asset was actually acquired. 6. On behalf of the revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l asset". 7. In our view, there is no substance in the contention of the revenue. The Amendment of 1993 referred to herein above does not in any way nullify or dilute the ratio as laid down in the case of Keshavji Karsondas v.CIT [1994] 207 ITR 737(Bom). The cost of acquisition can only be the cost on the date of the actual acquisition. In the present case there was no acquisition of the shares o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies Contracts Regulation Act, 1956 which is an essential ingredient for the applicability of Section-55(2) (aa-ii). No doubt, it may be a financial asset within the meaning of Section 55(2) (aa)(iiia). That provision however was brought into force subsequently and would not be applicable to the facts of the present case. 9. In the net result, the substantial questions of law as framed would not a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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