AO cannot calculate acquisition cost on the basis of his own assumption

Smt. Savitri Devi Vs ITO (ITAT Amritsar)

The entire issue is in two parts, one is legal issue by challenging the jurisdiction of notice u/s 148 and the jurisdiction of the ld. AO related to calculation of capital gain of the assessee without referring the issue to DVO. The last issue was challenged by the assessee in ground no. 4. After a thoughtful consideration from all four amended grounds, we found that the assessing authority had passed the order beyond his jurisdiction by calculating the cost of acquisition on basis of

Please become a Premium member. If you are already a Premium member, login here to access the full content.