Land acquired in exchange of land owned by father of assessee-How to determine cost of acquisition

Atul G. Puranik Vs. ITO (ITAT Mumbai) – Where the assessee acquired rights in plot in exchange of plot owned by his father, then the market value of the land so received on the date of acquisition will be the cost of acquisition of such land. IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “A”,MUMBAI I.T.A.No. 3051/Mum/2010 (A.Y.2006-07) Shri Atul G. Puranik Vs. Income-tax Officer ORDER PER R.S. SYAL, AM: This appeal by the assessee arises out of the order passed by the CIT (Appeals) on 10-03-2010 in relation to the A.Y. 2006-07. Various grounds raised in ...