TMI Blog2009 (6) TMI 6X X X X Extracts X X X X X X X X Extracts X X X X ..... he value of the asset should be as on the date of the notification when it became a capital asset cannot be accepted - the valuation report of the expert was not accepted by the Tribunal. Admittedly the assessee did not seek any such reference either before the first appellate stage or before or before the Tribunal. It is only at the appellate tribunal stage that such a contention was raised. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Section 55(2)(b) of the Income Tax Act. 2. The property held by the assessee became a capital asset as per the notification issued on 6.1.1994. But as per Section 55(2)(b), the cost of any improvement in relation to a capital asset means all expenditure of a capital nature incurred in making any additions or alterations to the capital asset on or after 1st April, 1981 by the previous owner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cost of acquisition of a capital asset within the meaning of Section 48 is not the cost on the date on which the asset transferred became a capital asset. The incidence of levy under Section 45 is on the capital gains to be computed in the manner provided for in Section 48 read with Section 55(2) of the Act. The deduction permissible under Section 48 is the cost of acquisition of the capital as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e-tax (1992) 197 ITR 95). Therefore the contention of the assessee was rightlyrejected by the tribunal and we find no ground to interfere with the same. 3. It was then contended that the valuation report of the expert was not accepted by the Tribunal. Admittedly the assessee did not seek any such reference either before the first appellate stage or before or before the Tribunal. It is only a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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