FMV of flat received on surrender of tenancy right will be cost of acquisition

Murtuza Kothari Vs ITO (ITAT Mumbai) ITAT Mumbai held that the cost of acquisition in present case would be the FMV of the flats which the assessee has acquired in exchange of surrender of tenancy right to the developer. Accordingly, AO is directed to re-compute cost of acquisition. Facts- The assessee had not filed its return of income for the AY 2015-16. Whereas, have entered into a transaction of sale of immovable property for an amount of Rs. 86,00,000/-. Such information was received by AO, therefore, the case of assessee has been selected for scrutiny u/s. 147 of the Act. After analysin...