That the word “accrued” in S.  48 means there has to be a right to receive the income arising from contractual obligation between the parties and such a right has to be with a corresponding liability of the other party from whom the income becomes due to pay that amount. What had accrued to the assessee was the price of the shares which was to be determined in terms of the mechanism provided in the framework agreements, which stipulated the fair market value of VIL. S.50D would not be applicable on the facts and circumstances of the case and if at all it could have been brought to tax in the hands of the transferor under the deeming fiction of S.50CA or S.56(2)(x), and the sections were not applicable for the year 2014-15 as these provisions were applicable from the assessment year 2017-18. The value of shares in terms of the fair market value of VIL would be Rs. 131.86 per share and accordingly the AO was to compute the capital gains taking the sale value at Rs. 131.86 per share. The AO was required to value the equity share capital. To value the equity share capital, all other items of the balance-sheet other than equity capital and free reserve were required to be considered in the net asset value of those equity shares.  That as per the provisions of S.  55(2)(aa) read with sub-clause (iii) thereto, in the case of rights shares the cost of interest expenditure could not be allowed as deduction as cost of acquisition for computing the capital gain. Accordingly the capitalisation of interest cost was not part of the cost of acquisition while calculating capital gains on the sale of shares. (AY.2014-15)