Forfeited amount is deductible from cost of acquisition at the time of actual transfer of asset

Advertisement Vidya Devi Vs ITO (ITAT Delhi) ITAT Delhi held that applying the provisions of section 51 of the Act, the amount of advance which was forfeited would be deducted from the cost of acquisition of the asset at the time of actual transfer of the asset in future. Facts- The assessee has preferred the appeal on the ground that CIT(A) has grossly erred in upholding the assumption of jurisdiction u/s 147, which is based on grossly wrong, incorrect, exaggerated and frivolous reasons. Secondly, assessee also contested that CIT(A) and Ld. A.O. has both grossly erred in law and on facts i...