https://www.taxtmi.com/caselaws?id=117808 The ITAT allowed the appeal, ruling that the capital gains on the sale of the flat should be treated as long-term. The firm's treatment of the flat as an investment post-1995, coupled with the lack of evidence supporting the Assessing Officer's position, led to the conclusion that the flat was a long-term capital asset at the time of sale. The ITAT emphasized that section 50A should only adjust the cost of acquisition, not change the asset's character, directing the Assessing Officer to revise the assessment in favor of the firm. en-us Thu, 18 Nov 2004 00:00:00 +0530 Sun, 20 Jan 2013 20:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117808 The ITAT allowed the appeal, ruling that the capital gains on the sale of the flat should be treated as long-term. The firm's treatment of the flat as an investment post-1995, coupled with the lack of evidence supporting the Assessing Officer's position, led to the conclusion that the flat was a long-term capital asset at the time of sale. The ITAT emphasized that section 50A should only adjust the cost of acquisition, not change the asset's character, directing the Assessing Officer to revise the assessment in favor of the firm. Case-Laws Income Tax Thu, 18 Nov 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117808