HC upholds application of Sec. 55(3) for computation of cost of acquisition, in absence of its ascertainment in hands of previous owner; Rejects assessee’s plea for non-taxability of capital gains since cost of acquisition not ascertainable; Approves AO’s action in adopting fair market value as on April 1, 1981 as cost of acquisition u/s 55(3); Even where cost of acquisition cannot be ascertained, Sec. 55(3) statutorily prescribes cost to be equal to the market value on the date of acquisition; Relies on Full Bench (P&H HC) ruling in Raja Malwinder, which distinguishes SC ruling in B.C.Srinivasa Setty : Punjab & Haryana HC
For complete text of Judgement, click here Thakur Dwara-P&H HC
