https://www.taxtmi.com/caselaws?id=27628 The court upheld the Income Tax Officer's decision to treat the cost of acquisition to the previous owner as the cost of acquisition to the family. The Tribunal's approach of using the real value of the property on the date of transfer to the joint family was rejected. The court emphasized that the cost of acquisition should be determined in accordance with Section 49(1)(iii)(a) of the Income Tax Act, based on the previous owner's cost. The assessee was directed to pay the Department's costs, with the counsel's fee set at Rs. 500. en-us Mon, 17 Jan 1983 00:00:00 +0530 Mon, 15 Feb 2010 11:03:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27628 The court upheld the Income Tax Officer's decision to treat the cost of acquisition to the previous owner as the cost of acquisition to the family. The Tribunal's approach of using the real value of the property on the date of transfer to the joint family was rejected. The court emphasized that the cost of acquisition should be determined in accordance with Section 49(1)(iii)(a) of the Income Tax Act, based on the previous owner's cost. The assessee was directed to pay the Department's costs, with the counsel's fee set at Rs. 500. Case-Laws Income Tax Mon, 17 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27628