https://www.taxtmi.com/caselaws?id=207584 The Revenue appealed against the Income Tax Appellate Tribunal's decision allowing adjustment of land cost by cost inflation index for capital gains computation. The Tribunal upheld the assessee's right to bifurcate the sale consideration and use fair market value as of April 1, 1981, adjusted by indexation for computing long-term capital gains. Regarding the treatment of assets for depreciation and capital gain claims, the Tribunal supported the assessee's position, dismissing the Revenue's appeal. The Bombay High Court affirmed the Tribunal's findings, emphasizing statutory rights and factual determinations, concluding that no substantial question of law was raised. en-us Mon, 04 Jan 2010 00:00:00 +0530 Fri, 16 Dec 2011 11:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207584 The Revenue appealed against the Income Tax Appellate Tribunal's decision allowing adjustment of land cost by cost inflation index for capital gains computation. The Tribunal upheld the assessee's right to bifurcate the sale consideration and use fair market value as of April 1, 1981, adjusted by indexation for computing long-term capital gains. Regarding the treatment of assets for depreciation and capital gain claims, the Tribunal supported the assessee's position, dismissing the Revenue's appeal. The Bombay High Court affirmed the Tribunal's findings, emphasizing statutory rights and factual determinations, concluding that no substantial question of law was raised. Case-Laws Income Tax Mon, 04 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207584