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        Case ID :
        Income Tax

        Assessee claimed higher cost of acquisition of shares during...

        Taxpayer's claim for higher cost of shares allowed; lower capital gains.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Assessee claimed higher cost of acquisition of shares during assessment proceedings, leading to lower capital gains computation. CIT(A) rejected the claim, relying on Goetze (India) Ltd. judgment. However, Karnataka High Court held that CIT(A) has power to consider fresh claims, even if not made in original/revised return. Matter restored to AO to examine assessee's entitlement to higher cost of acquisition of Rs. 184.09 per share after affording reasonable opportunity. Assessee's appeal allowed for statistical purposes. Relevant legal principles on appellate authorities' jurisdiction to entertain fresh claims and cost of acquisition determination discussed.
                                Note: It is a system-generated summary and is for quick reference only.
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