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2011 (1) TMI 775 - HC - Income TaxCapital gain - principle applied to asset like goodwill for excluding taxability of capital gain cannot be applied to assets like land which are clearly capable of being valued - in case of acquisition of land, the same is either acquired at some cost or without cost and under the scheme of the Act, there can be no situation when the cost is incapable of ascertainment - In the present case, the assessee acquired the property by succession from previous owner. According to the stand of the assessee, cost of acquisition by the previous owner could not be ascertained - Held that: 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 - Decided against the assessee
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