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FMV of Surrendered Tenancy Rights Is Cost of Acquisition for Redeveloped Property: ITAT Mumbai
Case Law Details
- Case Name
- Sarjit Ghanshyam Desai Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Mumbai
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Sarjit Ghanshyam Desai Vs ITO (ITAT Mumbai)
The appeal before the Mumbai Income Tax Appellate Tribunal (ITAT) arose from the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, for Assessment Year 2011-12. The principal issue concerned the determination of the cost of acquisition for computing capital gains arising from the sale of a shop received by the assessee as Permanent Alternate Accommodation (PAA) under a redevelopment scheme after surrendering tenancy rights.
The assessee had filed the return of income declaring total income of ₹3,30,760, which was in...
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