https://www.taxtmi.com/caselaws?id=247551 The Tribunal upheld the assessment order passed on a deceased person, confirming the validity of framing the assessment in the hands of the legal heir. Regarding the treatment of consideration as short term capital gain, the Tribunal directed the AO to recompute the tax liability based on the market value of the tenancy right. The issue of disallowance of expenses on the transfer of the residential flat was not specifically addressed. The appeal was partially allowed for statistical purposes, emphasizing a fair assessment of capital gains. en-us Wed, 30 Apr 2014 00:00:00 +0530 Thu, 15 May 2014 08:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247551 The Tribunal upheld the assessment order passed on a deceased person, confirming the validity of framing the assessment in the hands of the legal heir. Regarding the treatment of consideration as short term capital gain, the Tribunal directed the AO to recompute the tax liability based on the market value of the tenancy right. The issue of disallowance of expenses on the transfer of the residential flat was not specifically addressed. The appeal was partially allowed for statistical purposes, emphasizing a fair assessment of capital gains. Case-Laws Income Tax Wed, 30 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247551