Indexed cost of acquisition disallowed based on DVO report u/s ...

Indexed cost disallowed based on DVO report. Assessee's valuer Rs. 89,800/sq. yard, DVO Rs. 72,000/sq. meter. No mistake in assessee's valuation.

Case Laws Income Tax

August 5, 2024

Indexed cost of acquisition disallowed based on DVO report u/s 142A. Assessee's valuer determined cost at Rs. 89,800 per sq. yard, DVO at Rs. 72,000 per sq. meter. Properties not exactly located in Gulmohar Colony. Realistic estimation based on land area, road width, land cost, FMV of structure, land rate per sq. meter. Assessee's property 418.06 sq. meters, 100 ft. main road, back service lane. Baseline property 337.11 sq. meters, 45 ft. internal road, no service lane. Assessee's valuation closer to sale date. No mistake in assessee's valuation. No addition for land cost warranted. Brokerage, documentation, litigation, mutation/conversion, probate expenses allowed as compulsory for acquisition and sale. Appeal allowed.

View Source

← Previous Next →

Indexed cost of acquisition disallowed based on DVO report u/s ...

Indexed cost disallowed based on DVO report. Assessee's valuer Rs. 89,800/sq. yard, DVO Rs. 72,000/sq. meter. No mistake in assessee's valuation.

Case Laws Income Tax

August 5, 2024

You may also like:

Determination of fair market value of leasehold land as on 01.04.1981 for computing long-term capital gains. The Tribunal, considering the valuation report, valued the...

Capital gain computation - cost of acquisition of the asset as on 01.04.1981 - valuation report of the DVO Vs. Registered valuer Report - Approved Valuer’s report taking...

Valuation by DVO - addition based on estimated cost disregarding actual cost as per books - applicability of section 142A before amendment - non-rejection of books - AO...

AO rejected registered valuer's report for cost of acquisition and relied on section 55A. ITAT held that if AO was unsatisfied with registered valuer's report, he should...

u/s 56(2)(vii)(b), the addition was made based on the difference between the stated value and the District Valuation Officer's (DVO) valuation. It was held that an...

Revision u/s 263 based on DVO's report received after assessment culmination was invalid as per section 142A(4), DVO failed to provide opportunity of being heard to...

The case pertains to the disallowance of deduction claimed u/s 80IA by an assessee operating two units, one for paper manufacturing and another for power generation. The...

Addition on account of long term capital gains - indexed cost of acquisition - Claim of assessee that in financial year 1994- 95, the assessee has gifted certain portion...

Entitlement to cost of improvement and consequent indexed cost of improvement - The assessee’s wife who was holding 50% title on the said land, has not been allowed cost...

Validity of Referring the matter to DVO - Additions based on valuation report - The High Court noted that the assessee had filed its return for the relevant assessment...

Validity of reassessment proceedings challenged - capital gain on co-owned land sale - reassessment based on DVO report alleging suppression of lower valuation - reasons...

Capital gain computation - Valuation - It is settled law that orange and apple cannot be compared which has been done by the Registered Valuers to arrive at an imaginary...

Petitioner paid Rs. 8,46,84,821/- under Settlement Scheme for 2010-2011, against which Respondents recovered Rs. 19,16,74,501/-, resulting in excess collection of Rs....

Depreciation - Determination of WDV - Cost of Acquisition - waiver or write of loan - the manner of repayment of loan cannot affect the cost of asset. The actual cost...

Addition of capital gain - cost of indexation - JDA property - Though in the definition of 'indexed cost of acquisition', the word used are, "in which the asset was held...

Quick Updates: