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Dy. Cit (Inv.) Circle 14(1) vs Dharmesh H. Doshi on 19 July, 2005 cites

Dhunjibhoy Stud & Agricultural Farm vs Dy. Cit on 18 February, 2002

Farm v. CIT (1988) 169 ITR 291 (AP). Thus, according to learned authorised representative of assessee, if the warrant does not have cost of acquisition, then assessee would not be liable to any capital gains on sale of DWs. Relying on the submissions made before the assessing officer about the treatment given by ML to the NCDs in the letter of offer, the learned authorised representative of assessee submitted that the appellant by subscribing to the NCDs and DWs at Rs. 325 for NCD, did not pay anything for the DWs. In the present case, the cost of acquisition of DWs is unascertainable. Therefore, it is not possible to compute the capital gains.
Income Tax Appellate Tribunal - Pune Cites 32 - Cited by 5 - Full Document

Ipca Laboratory Ltd vs Deputy Commissioner Of Income Tax, ... on 11 March, 2004

10. Regarding the decision of the Tribunal in Asras Sales & Investments (P.) Ltd.'s case (supra) relied on by the learned counsel for the assessee, we find that the capital gains were required to be worked out in the case of an assessee who had sold NCDS. The cost of NCD had to be worked out and not the capital gains on sale of DW. In any case, the cost of acquisition of DW was held to be nil in this case also. There is no proposition laid down that cost of DWs will be not workable.
Supreme Court of India Cites 32 - Cited by 314 - S N Variava - Full Document
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