TaxTMI 
TaxTMI 
2010 (3) TMI 1164
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....R SHAMIM YAHYA : AM This appeal by the assessee is directed against the order of the ld. CIT(A) dated 16.01.2009 pertaining to assessment year 2005-06. 2. The first ground raised reads as under:- "That the long term capital as has been worked out by the AO at ₹ 6,22,803/- as against declared capital gain ₹ 1,41,678/-. The natural justice requires that if the sale consideration is ad....
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....confirmed the AO's action. 2.3 We have heard both the counsels and perused the records. We find that Income Tax Act mandates for the purpose of computation of capital gain, deduction of cost of acquisition incurred by the assessee from the sale consideration. Admittedly in the case the cost of acquisition is ₹ 3,25,000/- paid by the assessee and not ₹ 7,52,000/-. Assessee's reliance ....
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....r than the ₹ 9.89 lacs value adopted by the Stamp Duty Authority. Assessee has contended before the ld. CIT(A) that AO should have referred the immovable property for valuation by the Valuation Officer. However, ld. CIT(A) felt that AO had no occasion to make any reference as assessee has himself shown sale consideration as assessed by Stamp Duty Authority. 3.2 Against this order the assess....