Case Law Analysis
|Income Tax Appellate Tribunal
Section 48 Income Tax Act | Registered Valuer’s Report Must Prevail Over Arbitrary AO Valuation for Indexed Cost of Acquisition : ITAT Delhi
The ITAT Delhi has held that an Assessing Officer cannot substitute a registered valuer’s report with an arbitrary, unsupported methodology to compute indexed cost of acquisition under Section 48. This reinforces the legal primacy of expert valuation in capital gains assessments and protects taxpayers from speculative adjustments by revenue authorities.