FMV on 1 April 2001 Valid for Gifted Property, PCIT’s Revision Quashed

Sanjeev Kumar Kathuria Vs ITO (ITAT Chandigarh) The dispute in Sanjeev Kumar Kathuria vs ITO (ITAT Chandigarh, order dated 27 February 2025) concerned the determination of the cost of acquisition for computing long-term capital gains (LTCG) on the sale of a residential property. The assessee had sold a property in Assessment Year 2018–19 which had originally been purchased by his father in June 1996. The property was later transferred to the assessee by way of a registered gift deed dated 8 October 2009. During the assessment, the assessee computed the indexed cost of acquisition by adopting...