Assessing Officer's Failure to Verify Costs Results in Acceptance of Taxpayer's Capital Gains Claim Based on Valuation Report.

Capital gain computation - cost of acquisition as well as cost of construction - AO has not even attempted to verify the correctness of the cost of land and construction claimed by the assessee. Hence, in the absence of any proper verification and enquiry by the AO, the claim of proportionate cost of acquisition as well as cost of construction based on the valuation report cannot be denied. - AT .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X