https://www.taxtmi.com/caselaws?id=766758 ITAT Chandigarh allowed the assessee's appeal against revision u/s 263 regarding capital gains on residential property sale. The tribunal held that for inherited property, the cost of acquisition indexation should consider the year when the original owner first held the asset, not when the current owner received it through gift. The AO correctly applied the cost inflation index from April 2001. Regarding fair market value determination, the tribunal found the registered valuer's report acceptable, noting that comparative sales with different ownership percentages require appropriate adjustment. The tribunal concluded the AO's assessment was reasonable and not erroneous or prejudicial to revenue interest, making the PCIT's revision unjustified. en-us Thu, 27 Feb 2025 00:00:00 +0530 Tue, 04 Mar 2025 07:12:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766758 ITAT Chandigarh allowed the assessee's appeal against revision u/s 263 regarding capital gains on residential property sale. The tribunal held that for inherited property, the cost of acquisition indexation should consider the year when the original owner first held the asset, not when the current owner received it through gift. The AO correctly applied the cost inflation index from April 2001. Regarding fair market value determination, the tribunal found the registered valuer's report acceptable, noting that comparative sales with different ownership percentages require appropriate adjustment. The tribunal concluded the AO's assessment was reasonable and not erroneous or prejudicial to revenue interest, making the PCIT's revision unjustified. Case-Laws Income Tax Thu, 27 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766758