https://www.taxtmi.com/article/detailed?id=7908 The note addresses the meaning of cost of acquisition as the actual sum incurred to acquire a capital asset and the limited statutory circumstances in which fair market value may substitute for that cost. It emphasizes that the option to adopt market value as on an applicable cut off date is vested in the assessee alone and cannot be imposed by the Assessing Officer. The author contends that a Punjab and Haryana Full Bench misapplied the statutory scheme by treating market value as a mandatory substitute where the Tribunal had found the cost to be nil, thereby conflicting with settled precedent. en-us Wed, 07 Mar 2018 07:56:06 +0530 Wed, 07 Mar 2018 07:56:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7908 The note addresses the meaning of cost of acquisition as the actual sum incurred to acquire a capital asset and the limited statutory circumstances in which fair market value may substitute for that cost. It emphasizes that the option to adopt market value as on an applicable cut off date is vested in the assessee alone and cannot be imposed by the Assessing Officer. The author contends that a Punjab and Haryana Full Bench misapplied the statutory scheme by treating market value as a mandatory substitute where the Tribunal had found the cost to be nil, thereby conflicting with settled precedent. Articles Income Tax Wed, 07 Mar 2018 07:56:06 +0530 https://www.taxtmi.com/article/detailed?id=7908