Cost of Acquisition of Capital Asset u/S 48(ii) of Income Tax Act should be Actual Cost of Acquisition of Agricultural Land: ITAT [Read Order]
The Cost of acquisition of capital asset under section 48(ii) of Income Tax Act 1961, should be the actual cost of acquisition of agricultural land, ITAT rules
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) observed that Cost of acquisition of capital assets under section 48(ii) of Income Tax Act 1961, should be the actual cost of acquisition of agricultural land. An inherited property, initially agricultural, transitioned to non-agricultural status shortly before its sale. The assesse claimed an acquisition cost…
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