Case Law Analysis
|Income Tax Appellate Tribunal
Section 55(2)(b) IT Act | Assessee May Elect FMV as on 01.04.2001 Even if Valuation Filed Post-Assessment: ITAT Mumbai
The ITAT Mumbai has affirmed that taxpayers acquiring capital assets before April 1, 2001, have a statutory right to use the fair market value as of that date for indexation, regardless of whether the valuation report is submitted after the assessment is completed. This clarifies procedural flexibility for legacy asset holders and reinforces the intent of Section 55(2)(b) to prevent unfair taxation on pre-reform holdings.