Law: Income Tax Act, 1961

Section: 48

I. Section 55A of the Income-tax Act, 1961 - Capital gains - Reference to valuation officer (Valuation of Inherited Property) - Assessment year 2003-04 - Whether where valuation of property inherited by assessee by registered valuer was on higher side compared to fair market value, there was no occasion for Assessing Officer to refer matter to valuation officer under section 55A - Held, yes [Para 5] [In favour of assessee] II. Section 55, read with section 49 of the Income-tax Act, 1961 - Capital gains - Cost of acquisition (Cost inflation index) - Assessment year 2003-04 - Assessee's father purchased property - After his death, property was inherited by assessee mother in year 1968 - Later on, after death of mother, assessee acquired property in year 1999, which was sold in relevant year - Whether, in terms of section 55(2)(1) cost of acquisition of capital asset at option of assessee was fair market value of asset on 1-4-1981 - Held, yes - Whether Tribunal had correctly applied cost inflation index with effect from 1-4-1981 instead of year 1999-2000, in which assessee inherited property - Held, yes [Para 9] [In favour of assessee] III. Section 22 of the Income-tax Act, 1961 - Income from house property - Chargeable as (Income of Joint Property) - Assessment year 2003-04 - Assessee-husband bought a land, and construction of building on said land was carried out by joint funds of assessee and her husband - Income derived from letting out said building was brought to tax as 'Income from other sources' - Whether on facts it could be inferred that land belonging to husband had been thrown into common stock of joint property between husband and wife, both of them became joint owners by operation of doctrine of blending and, therefore income derived from letting out of property would be taxed as income from house property and not 'income from other sources' - Held, yes [Para 12] [In favour of assessee] Circulars & Notifications : CBDT Circular No.636, dated 31-8-1992 FACTS-I â–  The assessee's father purchased a residential house. After his death in 1968, his mother inherited same and after death of assessee's mother in 1999 the property was sold at a sum…

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