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        Case ID :
        Income Tax

        ITAT Decision Summary: The ITAT upheld the CIT(A)'s order with...

        Income Tax Appeal: Tribunal Ensures Fair Taxation by Applying Cost Inflation Index and Preventing Double Taxation

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                ITAT Decision Summary: The ITAT upheld the CIT(A)'s order with modifications, primarily focusing on equitable taxation principles. The tribunal directed the AO to re-compute long-term capital gains by applying the Cost Inflation Index of the year of transfer. The decision rejected revenue's contentions regarding unaccounted transactions, emphasizing that only real income should be taxed. The tribunal confirmed a 30% profit rate for unaccounted business receipts and allowed set-off of expenses against taxed receipts. Key holdings included preventing double taxation, ensuring computational fairness, and adhering to statutory provisions governing capital gains calculation while maintaining the principle of taxing net real income.
                                Note: It is a system-generated summary and is for quick reference only.
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                                  ActsIncome Tax
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