Held that as regards shares which were acquired before 1-4-1981, assessee had option to substitute its cost of acquisition by fair market value as on 1-4-1981. Mere fact that shares were issued after 1-4-1981 also at face value could not negate its fair market value. Assessing Officer was directed to adopt valuation computed on basis of fair market value of net assets. (AY. 2012-13)
Sushiladevi R Somani. v. ACIT (2022) 197 ITD 316/ 219 TTJ 633 / 217 DTR 417 (Mum) (Trib.)
S. 48 : Capital gains-Computation-cost of acquisition-Fair market value on 1-4-1981-Fair market value of net assets-Shares were acquired by assessee before 1-4-1981-Option to substitute its cost of acquisition by fair market value of net assets as on 1-4-1981 is with assessee. [S. 2(22B), 49]