Assessee sold a flat which was received from his mother under a gift deed.   The cost of acquisition was taken as the fair market value of such flat at the time of receipt of such flat by Smt. Saritha. (Mother of the Assessee). The  Assessing Officer took cost of acquisition of flat as fair market value of such flat at time of receipt of such flat by mother of assessee  and computed long-term capital gains. On appeal the Tribunal held that  pursuant to joint development agreement mother of assessee transferred a land under joint development agreement to developer for consideration of receiving a built up area/flat developed by developer. Subsequently, flat received by mother in exchange of land was transferred by her to assessee.  Mother of assessee got flat in exchange of plot of land transferred by her. Therefore the  cost of acquisition could not mean cost perceived by mother at time of receiving flat and, therefore, voluntary act of mother of assessee in valuing property on higher side at time of receiving of same, would not force authorities to accept such escalated value.  Appeal of the assessee was dismissed. (AY. 2014-15)