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        Case ID :
        Income Tax

        ITAT allowed Revenue's appeal for statistical purposes in...

        Revenue wins appeal as fair market value deduction deemed inappropriate when actual asset cost available

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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 allowed Revenue's appeal for statistical purposes in short-term capital gains dispute. Assessee sold land, and CIT(A)/NFAC directed AO to compute capital gains by deducting fair market value from sale consideration. ITAT held that when actual cost of asset is available, fair market value deduction is inappropriate for determining capital gains. However, since AO's order was ex-parte and treatment of other co-owners remained unclear, ITAT restored matter to AO for fresh determination. AO directed to decide issue afresh after providing due hearing opportunity to assessee, considering treatment of other co-partners, and allowing assessee to substantiate case with requisite details in accordance with law.
                                Note: It is a system-generated summary and is for quick reference only.
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