https://www.taxtmi.com/caselaws?id=208538 The Tribunal directed the Assessing Officer to recompute the capital gains by adopting the fair market value of the property on the date of conversion, allowing deduction for the amount paid for obtaining permission for change in land use, and permitting set off of carried forward business losses against the current year's income. However, it upheld the disallowance of interest paid by the assessee company to its holding company, classification of interest income, disallowance of interest and other expenses related to a discontinued business, disallowance of legal and professional charges, and addition of notional commission income. en-us Fri, 21 Oct 2011 00:00:00 +0530 Thu, 19 Jan 2012 08:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208538 The Tribunal directed the Assessing Officer to recompute the capital gains by adopting the fair market value of the property on the date of conversion, allowing deduction for the amount paid for obtaining permission for change in land use, and permitting set off of carried forward business losses against the current year's income. However, it upheld the disallowance of interest paid by the assessee company to its holding company, classification of interest income, disallowance of interest and other expenses related to a discontinued business, disallowance of legal and professional charges, and addition of notional commission income. Case-Laws Income Tax Fri, 21 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208538