https://www.taxtmi.com/caselaws?id=68562 The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision directing the deduction of the cost price from the fair market value to compute capital gains in a case involving the transfer of capital assets by an Association of Persons (AOP). Additionally, the Tribunal ruled that only the written down value should be deducted, not the cost price, when computing capital gains for depreciable assets post the AOP's dissolution. The Tribunal did not address the issue of the Assessing Officer's jurisdiction in following directions from higher authorities, as it was not formally raised before the Tribunal. Both the Department's appeal and the appellant's cross-objection were dismissed. en-us Wed, 10 Sep 2003 00:00:00 +0530 Mon, 18 Jun 2012 15:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68562 The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision directing the deduction of the cost price from the fair market value to compute capital gains in a case involving the transfer of capital assets by an Association of Persons (AOP). Additionally, the Tribunal ruled that only the written down value should be deducted, not the cost price, when computing capital gains for depreciable assets post the AOP's dissolution. The Tribunal did not address the issue of the Assessing Officer's jurisdiction in following directions from higher authorities, as it was not formally raised before the Tribunal. Both the Department's appeal and the appellant's cross-objection were dismissed. Case-Laws Income Tax Wed, 10 Sep 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68562