2019 (7) TMI 1442

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.... S. Sriraman For the Respondent : Mr. M. Swaminathan, Senior Standing Counsel JUDGMENT T.S.SIVAGNANAM, J. This appeal by the revenue filed under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') is directed against the order dated 04.04.2013 passed by the Income Tax Appellate Tribunal Chennai 'C' Bench in I.T.A.Nos.49/Mds/2011 for the Assessment Y....

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.... cost of acquisition for arriving at the assessable capital gains by overlooking the distinction based on the purpose of levy of wealth tax as against the purpose of imposing tax on Long Term Capital Gains?" 3. The short question involved in this case is regarding the valuation of the property, which was sold by the assessee for the purpose of computation of capital gain. The Tribunal held that....

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....(hereinafter referred to as CIT(A)). At that juncture, a notification was available with the assessee, issued by the Government of Puducherry in the year 2007, which had classified the property, sold by the assessee, as a heritage property. The assessee, therefore, adopted the value of the properties, which was neighbouring to the assessee's property, which was sold and determined the value. T....

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.... this Tax Case Appeal. 6. After elaborately hearing the learned counsel for the parties and carefully perusing the materials placed on record, we find that the attempt of the assessee before the CIT(A) was to take advantage of the notification issued by Government of Puducherry, much after the relevant date, which is 01.04.1981. Therefore, any subsequent notification issued by the Government of....