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Detachable warrant has a conceivable cost of acquisition
Case Law Details
- Case Name
- Deepak Nitrite Ltd. Vs DCIT (Gujarat High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 1993-94
- Courts
- All High Courts, Gujarat High Court
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Deepak Nitrite Ltd. Vs DCIT (Gujarat High Court)
Gujarat High Court held that detachable warrants have conceivable cost of acquisition and the same is deductible from sale consideration for calculation of capital gain.
Facts-
Appellant, Deepak Nitrite Limited was holding the shares of M/s Deepak Fertilisers and Petrochemicals Ltd. Initially Deepak Fertilisers issued partly convertible debentures of Rs.100/- on the right basis to its shareholders. Each debenture of Rs.100/-was consisting of 3 parts, with a detachable warrant.
It is the case of the appellant that the holder of the warrant shall ...
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