Deputy Commissioner Of Income-Tax,, vs M/S. Suzlon Energy Ltd.,, Pune on 27 July, 2018
5. The sole dispute between the parties is admittedly regarding the cost of
acquisition of the land/capital asset. The assessee has claimed the same at
Rs. "nil" all along which stands rejected in lower proceedings. We find in this
factual backdrop that section 49(1)(i) to (iv) prescribing cost; with reference to
certain modes of acquisition wherein if it is found that the capital asset in issue
has been acquired under the specified mode; gift herein is to be taken for which
the previous owner had acquired the same for valuation consideration followed
by Explanation thereto inserted by Finance Act, 1965 w.e.f. 1-4-1965. Mr.
Walimbe fails to rebut the clinching fact that the learned lower authorities could
not find the actual cost of acquisition paid by way of valuable consideration. We
therefore, find merit in the assessee's case in the light of CIT Vs. Sambhaji
Nagar Co-op. Hsg.