https://www.taxtmi.com/caselaws?id=260916 The ITAT Pune dismissed the Revenue's appeal due to the tax effect being below the prescribed limit set by the CBDT's Instructions. The Bombay High Court's rulings confirmed the applicability of revised Instructions to pending cases, leading to the dismissal of the Revenue's appeal. Additionally, the ITAT Pune directed the Assessing Officer to delete the addition of Rs. 2,55,000 under section 68 of the Act, as it was sourced from savings and agricultural income. The ITAT also instructed the Assessing Officer to verify and compute long term capital gains based on the indexation of the cost of acquisition, providing the assessee with a reasonable opportunity to be heard. en-us Fri, 13 Feb 2015 00:00:00 +0530 Mon, 02 Mar 2015 15:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260916 The ITAT Pune dismissed the Revenue's appeal due to the tax effect being below the prescribed limit set by the CBDT's Instructions. The Bombay High Court's rulings confirmed the applicability of revised Instructions to pending cases, leading to the dismissal of the Revenue's appeal. Additionally, the ITAT Pune directed the Assessing Officer to delete the addition of Rs. 2,55,000 under section 68 of the Act, as it was sourced from savings and agricultural income. The ITAT also instructed the Assessing Officer to verify and compute long term capital gains based on the indexation of the cost of acquisition, providing the assessee with a reasonable opportunity to be heard. Case-Laws Income Tax Fri, 13 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260916