AO Cannot Alter Assessee's Declared Asset Value for Capital Gains as of April 1, 1981.

AO Cannot Alter Assessee's Declared Asset Value for Capital Gains as of April 1, 1981. https://www.taxtmi.com/highlights?id=58665 Capital gain computation - As such the assessee has claimed higher value than the fair market value as per the AO. Thus in our considered view, the AO has no power to substitute the value of capital assets in the given facts and circumstances. Accordingly, the AO cannot substitute the value declared by the assessee as on 1st April 1981. - AT en-us Tue, 06 Jul 2021 17:44:01 +0530 Tue, 06 Jul 2021 17:44:01 +0530 TaxTMI RSS Generator AO Cannot Alter Assessee's Declared Asset Value for Capital Gains as of April 1, 1981. https://www.taxtmi.com/highlights?id=58665 Capital gain computation - As such the assessee has claimed higher value than the fair market value as per the AO. Thus in our considered view, the AO has no power to substitute the value of capital assets in the given facts and circumstances. Accordingly, the AO cannot substitute the value declared by the assessee as on 1st April 1981. - AT Highlights Income Tax Tue, 06 Jul 2021 17:44:01 +0530 https://www.taxtmi.com/highlights?id=58665