Sec 50
This query is : Resolved
30 July 2015
When the cost of acquisition is interdeterminate, computation u/s 48 should be done based of which which of the following case laws
a) CIT vs BC Srinivasa setty
b) CIT vs Raja Malwinder Singh
since the above two stated have contrary views, which one overrides? and also coukd you pls suggest which would be the appropriate one to present in the exam?
Thanks alot in advance!
Amol S Joglekar
(Expert)
30 July 2015
so far as the self generated assets enlisted under the income tax act, BC Srinivasa Shetty case is over ruled. In all other instances, one can still resort to B C Srinivasa Shetty.
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