Detachable warrant has a conceivable cost of acquisition

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. Ea

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