https://www.taxtmi.com/caselaws?id=63277 The Tribunal upheld the validity of the notice issued under Section 147/148 of the IT Act, ruling in favor of the Revenue. The Tribunal allowed the assessee's claim for the estimate of the cost of acquisition of land at Rs. 40 per sq. yard, rejecting the Revenue's lower estimate. Additionally, the Tribunal remanded the matter to the AO to re-examine the deduction claim under Section 54B for investment in agricultural land. The Tribunal dismissed the assessee's argument regarding the assessment of disputed interest on enhanced compensation, affirming the assessment on a receipt basis. The Tribunal's decision favored the assessee on the cost of acquisition and Section 54B deduction, while dismissing the Revenue's appeal. en-us Mon, 23 Feb 2004 00:00:00 +0530 Fri, 28 Jan 2011 18:26:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63277 The Tribunal upheld the validity of the notice issued under Section 147/148 of the IT Act, ruling in favor of the Revenue. The Tribunal allowed the assessee's claim for the estimate of the cost of acquisition of land at Rs. 40 per sq. yard, rejecting the Revenue's lower estimate. Additionally, the Tribunal remanded the matter to the AO to re-examine the deduction claim under Section 54B for investment in agricultural land. The Tribunal dismissed the assessee's argument regarding the assessment of disputed interest on enhanced compensation, affirming the assessment on a receipt basis. The Tribunal's decision favored the assessee on the cost of acquisition and Section 54B deduction, while dismissing the Revenue's appeal. Case-Laws Income Tax Mon, 23 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63277