2010 (3) TMI 1164

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....usha Khuranna, DR O R D E R PER 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 Rs. 6,22,803/- as against declared capital gain Rs. 1,41,678/-. The natural justice requires th....

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....on assessee's appeal ld. CIT(A) 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 Rs. 3,25,000/- paid by the assessee and not Rs. 7,52....

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.... actual consideration which is much lower than the Rs. 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....