The ITAT upheld that long-term capital gains are to be computed...

The ITAT upheld that long-term capital gains are to be computed based on the sale consideration in the executed sale deed, allowing deductions for transfer expenses, indexed cost of acquisition, and improvements, rejecting any notion of taxing deemed or notional income. The Tribunal affirmed the CIT(A)'s order dismissing the Revenue's grounds challenging this approach. Regarding additions under section 56(2)(vii)(c) on receipt of bonus shares, the ITAT concurred with the CIT(A) and precedents that such provisions do not apply to bonus shares, thus dismissing Revenue's appeals on this issue. Concerning the denial of deduction under section 54F for owning multiple flats, the ITAT held that mere rights to receive rent do not constitute absolute ownership; the assessee was owner of only one property at the time of transfer and therefore eligible for the deduction, aligning with prior rulings and allowing the appeal.

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