TMI Blog2022 (7) TMI 215X X X X Extracts X X X X X X X X Extracts X X X X ..... see, as the case may be. Nowhere in this section, can we find the expression the fair market value . We do not know what prompted the mother of the assessee to offer the capital gains while receiving the flat No. 914, with reference to the fair market value. When the provisions speaks very clearly and unequivocally, there is no reason to read something into it which the legislature did not intend. As in MINOR SHANTHI CHANDRAN [ 1999 (4) TMI 39 - MADRAS HIGH COURT] Hon'ble Court held in unequivocal terms that the cost of acquisition means cost of acquisition but not the value mentioned in the documents. Insofar as the tax law is concerned, it is not open for any one to read into the section what is not to be found in that section or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15, assessee preferred this appeal. 2. Briefly stated facts relevant for disposal of this appeal are that the assessee is an individual and deriving income under various heads viz., salary, capital gains, income from house property and income from other sources. For the AY.2014-15, the assessee filed his return of income on 25- 03-2015 declaring a total income at Rs. 52,57,120/-. During the course of assessment, learned Assessing Officer noticed that during the financial year 2013-14 the assessee sold 5 flats and got gain on some flats and suffered loss on some of the flats. Assessee, however, had shown the cost of acquisition for flat No. 914 of SMR Vinay Symphony as Rs. 27,43,000/- whereas for flat No. 319 in the same apartment the cos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deemed to be the cost in the hands of his mother; that the mother will acquire the property in exchange of the plot of land worth Rs. 4,79,660/-; and, therefore, the cost of acquisition in the hands of the assessee shall be Rs. 5,45,660/- and because the assessee had shown Rs. 6.50 Lakhs which is beneficial to the assessee, the same could be accepted. On this premise, Ld. CIT(A) dismissed the appeal. 4. Aggrieved by such findings of Ld. CIT(A), the assessee is in appeal before us. It is submitted on behalf of the assessee that the assessee claimed cost of acquisition of Rs. 27,43,000/- against the sale of Flat No. 914, which property was acquired by him as gift from her mother Smt. S.Saritha Sai Reddy; that such cost comprises of Rs. 27 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thing could be added or nothing could be subtracted from the cost of acquisition of the previous owner as is held in the decisions reported in CIT Vs. Shanthi Chandran (2000) 241 ITR 371 (Madras) and Sonia Maria Mistri Vs. ITO (2013) 141 ITD 508 (Mumbai Tribunal). He submitted that is not known for what reasons the mother of the assessee added something to the cost of acquisition and what is the basis for such addition. He submitted that the loss speaks of cost of acquisition , but not fair market value . He, therefore, submits that the authorities below are perfectly right in taking the cost of acquisition in the hands of the mother of the assessee as the cost of acquisition for the assessee and, therefore, the findings of the authoritie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... flat No. 914, the mother of the assessee valued the same at Rs. 27,23,000/- and offered to tax the capital gains arising therefrom. On this premise the assessee insists that the cost of acquisition of plot No. 914 in the hands of the mother was not Rs. 5,25,660/- but it is actually Rs. 27,23,000/-. By adding a sum of Rs. 20,000 incurred by the assessee towards gift deed, assessee values the cost of acquisition in his hands at Rs. 27,43,000/-, which the Revenue vehemently disputes. 8. The language employed by section 49(1) of the Act is unequivocal. It contemplates that where the capital asset becomes the property of the assessee, under a gift or will, the cost of acquisition of the asset shall be deemed to be the cost for which the prev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... untary act of the mother of the assessee in valuing the property on higher side at the time of receiving of the same, we do not accept the contention that the authorities should have accepted such escalated value. Law contemplates only cost of acquisition but not fair market value . Voluntary acts of the parties will not disturb the legal position or affect the impact of law. 11. With this view of the matter, we are of the considered opinion that there is nothing illegality or irregularity committed by the authorities below. We accordingly uphold the findings of the Ld. CIT(A) and decline to interfere with his findings. Appeal is devoid of merits and consequently dismissed. 12. In the result, appeal of assessee is dismissed. Ord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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