https://www.taxtmi.com/caselaws?id=180491 The ITAT modified the CIT(A) orders and remanded the case to the Assessing Officer (AO) to reassess the cost of acquisition and indexed cost of acquisition for computing capital gains. The AO must consider the Tribunal's directions, including the valuation of land as of 1-4-1981, and determine whether the assets qualify as long-term capital assets. The Tribunal also clarified that the development and sale of flats did not constitute an adventure in the nature of trade. Both appeals were partly allowed, requiring further examination by the AO to ensure compliance with the Tribunal's guidance. en-us Tue, 25 Nov 2003 00:00:00 +0530 Thu, 01 Aug 2024 12:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180491 The ITAT modified the CIT(A) orders and remanded the case to the Assessing Officer (AO) to reassess the cost of acquisition and indexed cost of acquisition for computing capital gains. The AO must consider the Tribunal's directions, including the valuation of land as of 1-4-1981, and determine whether the assets qualify as long-term capital assets. The Tribunal also clarified that the development and sale of flats did not constitute an adventure in the nature of trade. Both appeals were partly allowed, requiring further examination by the AO to ensure compliance with the Tribunal's guidance. Case-Laws Income Tax Tue, 25 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180491