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Value declared in Wealth Tax Return cannot be taken as Cost of Acquisition

In COMMISSIONER OF INCOME TAX - III vs VASAVI PRATAP CHAND, a division bench of the Delhi High Court upheld the order of the ITAT that the value of land as declared and assessed under Section 7(4) of the Wealth Tax Act could not be adopted as market value of the asset as on 1.4.1981 for purposes of computing taxable gain under the Income Tax Act.

A bench comprising of Justice S.Muralidhar and Justice Pradhiba M. Singh held so while considering bench of appeals under Section 260A of the Income Tax Act, 1961.

Article referred: http://www.taxscan.in/value-declared-wealth-tax-return-cannot-taken-cost-acquisition-computing-capital-gain-income-delhi-hc/12534/

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