https://www.taxtmi.com/caselaws?id=281695 Section 49 of the Income-tax Act applies only when the capital asset has legally become the assessee's property and the previous owner's cost of acquisition can be substituted. On the alleged gifted shares, the assessee had not disclosed the gift in the return, produced no registered gift deed, and failed to prove valid ownership through a recognizable transfer; the addition was therefore restored. Claims for agricultural income and deduction under Chapter VI-A, however, were supported by additional evidence, and in the absence of a remand report the matters were sent back to the Assessing Officer for fresh verification. en-us Tue, 12 Feb 2019 00:00:00 +0530 Mon, 01 Jul 2019 20:32:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281695 Section 49 of the Income-tax Act applies only when the capital asset has legally become the assessee's property and the previous owner's cost of acquisition can be substituted. On the alleged gifted shares, the assessee had not disclosed the gift in the return, produced no registered gift deed, and failed to prove valid ownership through a recognizable transfer; the addition was therefore restored. Claims for agricultural income and deduction under Chapter VI-A, however, were supported by additional evidence, and in the absence of a remand report the matters were sent back to the Assessing Officer for fresh verification. Case-Laws Income Tax Tue, 12 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281695