https://www.taxtmi.com/caselaws?id=329915 The Tribunal upheld the CIT(A)'s decisions and dismissed the Revenue's appeals, setting aside the CIT's order under Section 263. The Tribunal allowed the assessee's appeals, finding discrepancies in the cost of construction to be negligible and accepting the higher cost of acquisition claimed by the assessee for Long Term Capital Gains computation. The application of Section 50C was deemed inapplicable as the valuation pertained to a subsequent year and did not apply to the conversion from fixed assets to stock-in-trade. en-us Tue, 05 Jul 2016 00:00:00 +0530 Tue, 12 Jul 2016 12:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329915 The Tribunal upheld the CIT(A)'s decisions and dismissed the Revenue's appeals, setting aside the CIT's order under Section 263. The Tribunal allowed the assessee's appeals, finding discrepancies in the cost of construction to be negligible and accepting the higher cost of acquisition claimed by the assessee for Long Term Capital Gains computation. The application of Section 50C was deemed inapplicable as the valuation pertained to a subsequent year and did not apply to the conversion from fixed assets to stock-in-trade. Case-Laws Income Tax Tue, 05 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329915