https://www.taxtmi.com/caselaws?id=214667 The High Court remanded the case to the Assessing Officer for fresh consideration regarding the computation of capital gains on the sale of shade trees. The Assessing Officer's decision to adopt 20% of the sale price as the cost of acquisition was challenged by the assessee, who argued for 35% of the sale consideration. The CIT(A) dismissed the claim, stating it was not contested further at higher levels. The ITAT upheld this decision, ruling that the Assessing Officer lacked jurisdiction to reassess the actual sale consideration. Consequently, the appeal was dismissed, affirming the original assessment. en-us Wed, 30 May 2012 00:00:00 +0530 Mon, 02 Jul 2012 17:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214667 The High Court remanded the case to the Assessing Officer for fresh consideration regarding the computation of capital gains on the sale of shade trees. The Assessing Officer's decision to adopt 20% of the sale price as the cost of acquisition was challenged by the assessee, who argued for 35% of the sale consideration. The CIT(A) dismissed the claim, stating it was not contested further at higher levels. The ITAT upheld this decision, ruling that the Assessing Officer lacked jurisdiction to reassess the actual sale consideration. Consequently, the appeal was dismissed, affirming the original assessment. Case-Laws Income Tax Wed, 30 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214667