Value declared in Wealth Tax Return cannot be taken as Cost of Acquisition

CIT Vs Vasavi Pratap Chand (Delhi High Court) As far as the question framed in the Revenue’s appeals, there may be no quarrel with the proposition that the figure indicated in the wealth tax return filed by the Assessee cannot possibly be taken to be the basis for determining capital gains. At this juncture, it is necessary to refer to the decision of this in Siddharth Pratap Chand v. CWT (2014) 360 ITR 30 (Del). In the said decision, reference was made under Section 27 (3) of the WTA. Of the three questions framed, two read as under: “a) Whether the Tribunal did not err in law in not acc...