https://www.taxtmi.com/caselaws?id=214059 The court classified the sale of office premises as Long Term Capital Gain due to the extended ownership period. The cost of acquisition was determined at Rs. 4,75,000, rejecting the market value at Rs. 10,04,475. The sale value for Long Term Capital Gain computation was set at Rs. 24,48,128 under Section 50C, while for deduction under Section 54EC, it was fixed at Rs. 16,00,000, the actual sale consideration. The appellant's appeal was partially allowed, instructing the Assessing Officer to recalculate Long Term Capital Gain in line with the Tribunal's decisions. en-us Wed, 28 Mar 2012 00:00:00 +0530 Fri, 15 Jun 2012 11:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214059 The court classified the sale of office premises as Long Term Capital Gain due to the extended ownership period. The cost of acquisition was determined at Rs. 4,75,000, rejecting the market value at Rs. 10,04,475. The sale value for Long Term Capital Gain computation was set at Rs. 24,48,128 under Section 50C, while for deduction under Section 54EC, it was fixed at Rs. 16,00,000, the actual sale consideration. The appellant's appeal was partially allowed, instructing the Assessing Officer to recalculate Long Term Capital Gain in line with the Tribunal's decisions. Case-Laws Income Tax Wed, 28 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214059