Revenue Authorities Err in Capital Gain Calculation: Used Deemed Cost Instead of Actual Cost per Section 48 of Income Tax Act.

Revenue Authorities Err in Capital Gain Calculation: Used Deemed Cost Instead of Actual Cost per Section 48 of Income Tax Act. https://www.taxtmi.com/highlights?id=30545 Capital gains computation - lower revenue authorities have erred in computing the capital gain in the instant case on the basis of deemed cost of consideration u/s 50C whereas AO was statutorily required to compute the capital gain as per provisions contained u/s 48 of the Act on the basis of actual cost of consideration received by the assessee. - AT en-us Fri, 29 Jul 2016 13:16:17 +0530 Fri, 29 Jul 2016 13:16:17 +0530 TaxTMI RSS Generator Revenue Authorities Err in Capital Gain Calculation: Used Deemed Cost Instead of Actual Cost per Section 48 of Income Tax Act. https://www.taxtmi.com/highlights?id=30545 Capital gains computation - lower revenue authorities have erred in computing the capital gain in the instant case on the basis of deemed cost of consideration u/s 50C whereas AO was statutorily required to compute the capital gain as per provisions contained u/s 48 of the Act on the basis of actual cost of consideration received by the assessee. - AT Highlights Income Tax Fri, 29 Jul 2016 13:16:17 +0530 https://www.taxtmi.com/highlights?id=30545