https://www.taxtmi.com/caselaws?id=119546 The Tribunal rejected the assessee's method of double indexation for capital gains on sale of shares, holding that the Fair Market Value as on 1-4-1981 is unalterable. The Tribunal allowed the bad debt claim, stating it arose in the normal course of business. The addition on account of accrued income was confirmed, with lease rent and interest income to be assessed on a receipt basis. The disallowance of depreciation on leased assets was sent back for re-adjudication. Rental income and service charges were classified as income from house property. Deletions of addition on interest accrued on loan advances and disallowance of finance charges were upheld. en-us Wed, 14 Mar 2007 00:00:00 +0530 Wed, 11 Jul 2012 17:00:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119546 The Tribunal rejected the assessee's method of double indexation for capital gains on sale of shares, holding that the Fair Market Value as on 1-4-1981 is unalterable. The Tribunal allowed the bad debt claim, stating it arose in the normal course of business. The addition on account of accrued income was confirmed, with lease rent and interest income to be assessed on a receipt basis. The disallowance of depreciation on leased assets was sent back for re-adjudication. Rental income and service charges were classified as income from house property. Deletions of addition on interest accrued on loan advances and disallowance of finance charges were upheld. Case-Laws Income Tax Wed, 14 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119546