https://www.taxtmi.com/caselaws?id=347133 The High Court dismissed the Revenue's appeals and partially allowed the Assessees' appeals. It held that the value declared in the wealth tax return could not be used for determining capital gains, the taxable capital gain should be computed with reference to the cost of acquisition of 44% of the asset, the market value should be determined as of 1.4.1981, and the land and development charges should be deducted from the sale consideration. The AO was directed to re-compute the capital gains accordingly. en-us Wed, 23 Aug 2017 00:00:00 +0530 Sat, 18 Nov 2017 14:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347133 The High Court dismissed the Revenue's appeals and partially allowed the Assessees' appeals. It held that the value declared in the wealth tax return could not be used for determining capital gains, the taxable capital gain should be computed with reference to the cost of acquisition of 44% of the asset, the market value should be determined as of 1.4.1981, and the land and development charges should be deducted from the sale consideration. The AO was directed to re-compute the capital gains accordingly. Case-Laws Income Tax Wed, 23 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347133