Taxing under capital gain can be burdened only when cost of acquisition is established

Ishvakoo Grand Plaza Vs DCIT (ITAT Delhi) ITAT Delhi held that to burden assessee with capital gain arising out of transfer of immovable property or an interest in it, the cost of acquisition is necessarily to be established. Here, cost of acquisition of so called right of preemption is considered as NIL. Hence, computation provisions fail, therefore capital gains could not have been calculated. Facts- During the year under consideration, the assessee has received Rs.20,40,00,000/- in a settlement in the court, which the assessee has claimed as non – taxable and has credited directly to ...