Cost of lease-hold land can’t be taken as NIL as same is not covered by sec. 55(2)(a)

IN THE ITAT AHMEDABAD BENCH ‘A’ Natraj Versus Deputy Commissioner of Income-tax IT APPEAL NO. 3063 (AHD.) OF 2010 [Assessment year 2007-08] JANUARY 4, 2013 ORDER G.C. Gupta, Vice-President  This appeal by the assessee for the assessment year 2007-2008 is directed against the order of the CIT(A)-XVI, dated 06.09.2010. 2. The grounds of the appeal of the assessee are as under: “1.  That the C.I.T. (APPEALS) erred in not allowing the indexed Fair Market Value of Rs. 2,99,72,250 as on 1-4-1981 in respect of the Leasehold Land acquired by the appellant as per th...