https://www.taxtmi.com/caselaws?id=210752 The tribunal dismissed certain general grounds of appeal raised by the assessee firm. Regarding the levy of interest under sections 234B and 234C, it was deemed mandatory and consequential. The main issue revolved around the computation of long-term capital gains (LTCG), specifically the cost of acquisition. The tribunal found that the asset had no clear cost of acquisition due to its prior existence in the firm's books before conversion. Relying on relevant case law, the tribunal remanded the case to the assessing officer to re-examine the fair market value (FMV) as of 1.4.1981 and take appropriate action. The appeal was partly allowed for statistical purposes. en-us Fri, 06 Jan 2012 00:00:00 +0530 Tue, 21 Feb 2012 08:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210752 The tribunal dismissed certain general grounds of appeal raised by the assessee firm. Regarding the levy of interest under sections 234B and 234C, it was deemed mandatory and consequential. The main issue revolved around the computation of long-term capital gains (LTCG), specifically the cost of acquisition. The tribunal found that the asset had no clear cost of acquisition due to its prior existence in the firm's books before conversion. Relying on relevant case law, the tribunal remanded the case to the assessing officer to re-examine the fair market value (FMV) as of 1.4.1981 and take appropriate action. The appeal was partly allowed for statistical purposes. Case-Laws Income Tax Fri, 06 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210752