Cost perceived by donor of Gift cannot be considered as Cost of acquisition

Saireddy Pruthviraj Reddy Vs ITO (ITAT Hyderabad)

It is pleaded by the assessee before us that while receiving the flat No. 914, the mother of the assessee valued the same at Rs. 27,23,000/-and offered to tax the capital gains arising therefrom. On this premise the assessee insists that the cost of acquisition of plot No. 914 in the hands of the mother was not Rs. 5,25,660/- but it is actually Rs. 27,23,000/-. By adding a sum of Rs. 20,000 incurred by the assessee towards gift deed, assessee values the cost of acquisition in

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