Case Law Details
Case Name : Ashok Prapann Sharma vs. CIT (Supreme Court)
Related Assessment Year : 1989-90
Courts :
Supreme Court of India
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The Assessing Officer as well as the First Appellate Authority took into account the declaration made in the return filed by the Assessee under the Wealth Tax Act (Rs.2 per square yard) in respect of the very plot of land as the cost of acquisition. Some instances of comparable sales showing higher value at which such transactions were made (Rs.70/- per square yard) were also laid by the Assessee before the Assessing Officer. The same were not accepted on the ground that such sales were subsequent in point of time i.e. 1978-1979 whereas under Section 55(2)of the Act the crucial date for determ...
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