Income-tax Act, 1961

Section - 55 - Meaning of “adjusted”, “cost of improvement” and “cost of acquisi­tion”

Meaning of "adjusted", "cost of improvement" and "cost of acquisition".

55. (1) For the purposes of sections 48 and 49,-

(a) - [***]
(b) - "cost of any improvement",-
(1) - in relation to a capital asset being goodwill 61-62[or any other intangible asset] of a business or a right to manufacture, produce or process any article or thing or right to carry on any business or profession 61-62[or any other right] shall be taken to be nil ; and
(2) - in relation to any other capital asset,-
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