https://www.taxtmi.com/caselaws?id=120981 The Tribunal set aside the tax authorities' orders regarding the determination of long-term capital gains, ruling in favor of the assessee by deciding that the net worth should be considered nil if liabilities exceed assets. Consequently, the capital gains cannot exceed the sale consideration. Additionally, the Tribunal remanded the issue of the deduction of expenses for a study on marketing and distribution back to the CIT(A) for fresh consideration, allowing the assessee to justify the commercial expediency of the expenses. The appeal was partly allowed for statistical purposes. en-us Fri, 21 Sep 2007 00:00:00 +0530 Sat, 03 Feb 2024 10:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120981 The Tribunal set aside the tax authorities' orders regarding the determination of long-term capital gains, ruling in favor of the assessee by deciding that the net worth should be considered nil if liabilities exceed assets. Consequently, the capital gains cannot exceed the sale consideration. Additionally, the Tribunal remanded the issue of the deduction of expenses for a study on marketing and distribution back to the CIT(A) for fresh consideration, allowing the assessee to justify the commercial expediency of the expenses. The appeal was partly allowed for statistical purposes. Case-Laws Income Tax Fri, 21 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120981