https://www.taxtmi.com/caselaws?id=272373 The ITAT partly allowed the Assessee's appeal, addressing discrepancies in FMV adoption, admission of additional evidence, and set off of unabsorbed depreciation. The ITAT directed the AO to adopt the cost of acquisition at Rs. 25 per sq ft based on the Valuation Report, and allowed the set off of unabsorbed depreciation against the assessed income. The Assessee's claim for set off of carry forward business loss was rejected. The issue of interest levy under various sections was deemed consequential, and the objection to the initiation of penalty proceedings was dismissed as premature. en-us Mon, 29 Feb 2016 00:00:00 +0530 Mon, 07 Mar 2016 06:42:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272373 The ITAT partly allowed the Assessee's appeal, addressing discrepancies in FMV adoption, admission of additional evidence, and set off of unabsorbed depreciation. The ITAT directed the AO to adopt the cost of acquisition at Rs. 25 per sq ft based on the Valuation Report, and allowed the set off of unabsorbed depreciation against the assessed income. The Assessee's claim for set off of carry forward business loss was rejected. The issue of interest levy under various sections was deemed consequential, and the objection to the initiation of penalty proceedings was dismissed as premature. Case-Laws Income Tax Mon, 29 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272373