https://www.taxtmi.com/caselaws?id=215401 The ITAT dismissed the Revenue's appeal, upholding the CIT(A)'s decisions. The ITAT affirmed the CIT(A)'s directive to consider the fair market value of immovable property as of 01.04.1981, allowed exemption under Section 54, interpreted the due date for filing returns to include the extended period under Section 139(4), and dismissed the need for a revised return to revise income. The ITAT's decision aligned with precedent cases and found the CIT(A)'s reasoning valid across all issues raised. en-us Thu, 15 Mar 2012 00:00:00 +0530 Sat, 04 Aug 2012 08:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215401 The ITAT dismissed the Revenue's appeal, upholding the CIT(A)'s decisions. The ITAT affirmed the CIT(A)'s directive to consider the fair market value of immovable property as of 01.04.1981, allowed exemption under Section 54, interpreted the due date for filing returns to include the extended period under Section 139(4), and dismissed the need for a revised return to revise income. The ITAT's decision aligned with precedent cases and found the CIT(A)'s reasoning valid across all issues raised. Case-Laws Income Tax Thu, 15 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215401