https://www.taxtmi.com/caselaws?id=756514 The ITAT Delhi allowed the assessee's appeal regarding capital gains computation. The tribunal rejected the DVO's valuation under section 142A for determining indexed cost of acquisition of land as on 01.04.2001. The assessee's valuer determined cost at Rs. 89,800 per sq. yard while DVO valued at Rs. 72,000 per sq. meter. The tribunal found the assessee's valuation more realistic considering property location differences, larger land area (418.06 vs 337.11 sq. meters), better road width (100 ft. main road vs 45 ft. internal), service lane availability, and closer valuation date. The tribunal also allowed cost of improvement and transfer expenses including brokerage, documentation, litigation, and probate expenses as legitimate acquisition and sale costs. en-us Thu, 30 May 2024 00:00:00 +0530 Mon, 05 Aug 2024 07:05:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756514 The ITAT Delhi allowed the assessee's appeal regarding capital gains computation. The tribunal rejected the DVO's valuation under section 142A for determining indexed cost of acquisition of land as on 01.04.2001. The assessee's valuer determined cost at Rs. 89,800 per sq. yard while DVO valued at Rs. 72,000 per sq. meter. The tribunal found the assessee's valuation more realistic considering property location differences, larger land area (418.06 vs 337.11 sq. meters), better road width (100 ft. main road vs 45 ft. internal), service lane availability, and closer valuation date. The tribunal also allowed cost of improvement and transfer expenses including brokerage, documentation, litigation, and probate expenses as legitimate acquisition and sale costs. Case-Laws Income Tax Thu, 30 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756514