https://www.taxtmi.com/caselaws?id=237972 The appeal by the revenue under Section 260A of the Income Tax Act, 1961 regarding the re-opening of assessment for the assessment year 2002-03 was dismissed. The Income Tax Appellate Tribunal upheld the re-opening but remitted the case to the assessing officer to determine the actual cost of construction and terms of the agreement between the assessee and the builder. The Tribunal relied on the builder's books of accounts for calculating the cost of construction, finding them to be the most accurate method for computing capital gains. The Tribunal's decision was upheld as logical and supported by evidence, affirming the determination of the cost of construction and sale consideration received on transfer. en-us Mon, 09 Sep 2013 00:00:00 +0530 Sat, 12 Oct 2013 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237972 The appeal by the revenue under Section 260A of the Income Tax Act, 1961 regarding the re-opening of assessment for the assessment year 2002-03 was dismissed. The Income Tax Appellate Tribunal upheld the re-opening but remitted the case to the assessing officer to determine the actual cost of construction and terms of the agreement between the assessee and the builder. The Tribunal relied on the builder's books of accounts for calculating the cost of construction, finding them to be the most accurate method for computing capital gains. The Tribunal's decision was upheld as logical and supported by evidence, affirming the determination of the cost of construction and sale consideration received on transfer. Case-Laws Income Tax Mon, 09 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237972