https://www.taxtmi.com/caselaws?id=63808 The Tribunal partly allowed the appeal, ruling in favor of the assessee on the issues of capital gains computation, vehicle maintenance expenses, and irrecoverable advances. The Tribunal held that the amount diverted to shareholders was not part of the income for computing capital gains. It determined that the cost of acquisition for fixed assets in a slump sale should be the book value, not the WDV. Additionally, it allowed the unrecovered advances as a business loss but upheld the mandatory nature of interest under section 234B. en-us Fri, 02 Aug 2002 00:00:00 +0530 Wed, 22 Feb 2012 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63808 The Tribunal partly allowed the appeal, ruling in favor of the assessee on the issues of capital gains computation, vehicle maintenance expenses, and irrecoverable advances. The Tribunal held that the amount diverted to shareholders was not part of the income for computing capital gains. It determined that the cost of acquisition for fixed assets in a slump sale should be the book value, not the WDV. Additionally, it allowed the unrecovered advances as a business loss but upheld the mandatory nature of interest under section 234B. Case-Laws Income Tax Fri, 02 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63808