Opportunity to respond to jurisdictional reports is mandatory before customs settlement duty enhancement; connected applications require consistent ad...
Specific customs headings for scaffolding components prevail over general classification, invalidating misclassification proceedings and enabling with...
Liquidator appointment under Section 34 requires consideration of creditor recommendations, valid professional authorisation, and preservation of vali...
Income-tax exemption for specified regulatory fees and government grants applies subject to non-commercial activity and continuing compliance conditio...
Digital accessibility audit and remediation deadlines extended, while all other disability-compliance obligations for regulated entities remain unchan...
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This is a summary of a case dealing with the determination of fair market value (FMV) for computing long-term capital gains (LTCG) and allowing deductions for cost of improvements. The key points are: the Tax Appellate Tribunal upheld the Assessing Officer's adoption of FMV as per the District Valuation Officer's report, rejecting the assessee's argument for using the 'reverse indexation method'. However, the Tribunal allowed the deduction for cost of improvement incurred in FY 1991-92, which was erroneously omitted by lower authorities. It also directed the Assessing Officer to rectify a mathematical mistake in computing the total indexed cost of improvement. The Tribunal's decision partially favored the assessee regarding the allowable deductions.
This is a summary of a case dealing with the determination of fair market value (FMV) for computing long-term capital gains (LTCG) and allowing deductions for cost of improvements. The key points are: the Tax Appellate Tribunal upheld the Assessing Officer's adoption of FMV as per the District Valuation Officer's report, rejecting the assessee's argument for using the 'reverse indexation method'. However, the Tribunal allowed the deduction for cost of improvement incurred in FY 1991-92, which was erroneously omitted by lower authorities. It also directed the Assessing Officer to rectify a mathematical mistake in computing the total indexed cost of improvement. The Tribunal's decision partially favored the assessee regarding the allowable deductions.
Note: It is a system-generated summary and is for quick reference only.
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