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Minor Valuation Difference Cannot Justify Capital Gains Addition: ITAT Surat
Case Law Details
- Case Name
- Manishabne Kaizad Motawala Vs TTO (ITAT Surat)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2022-23
- Courts
- All ITAT, ITAT Surat
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Manishabne Kaizad Motawala Vs TTO (ITAT Surat)
Minor Valuation Difference Cannot Justify Capital Gains Addition: ITAT Surat Accepts Registered Valuer’s Cost of Acquisition
The Surat Bench (SMC) of the ITAT allowed the assessee’s appeal for AY 2022-23, deleting the addition made on account of difference in cost of acquisition of ancestral property as on 01.04.2001. The assessee had adopted a value of ₹1,100 per sq. meter based on a Registered Valuer’s report, whereas the Assessing Officer, relying on the DVO’s report, adopted a slightly lower value of ₹1,000 per sq. meter and made a...
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