https://www.taxtmi.com/caselaws?id=348088 For capital gains computation, the fair market value of the asset as on 01.04.1981 was adopted at Rs. 980 per sq. mtr. based on the Tribunal's earlier valuation for the same asset, and recomputation was directed. The amount refunded to the vendee under the later MOU was not deductible under section 48 because the registered sale documents placed the land-use conversion burden on the purchaser and the payment was treated as voluntary. Salary and wage disallowance relating to the Packart Press Unit was remanded for fresh adjudication. Disallowance under section 14A, including the consequential book-profit adjustment, was deleted in the absence of exempt income. Replacement and renovation expenditure was held revenue in nature. en-us Wed, 13 Sep 2017 00:00:00 +0530 Sat, 16 Sep 2017 08:39:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348088 For capital gains computation, the fair market value of the asset as on 01.04.1981 was adopted at Rs. 980 per sq. mtr. based on the Tribunal's earlier valuation for the same asset, and recomputation was directed. The amount refunded to the vendee under the later MOU was not deductible under section 48 because the registered sale documents placed the land-use conversion burden on the purchaser and the payment was treated as voluntary. Salary and wage disallowance relating to the Packart Press Unit was remanded for fresh adjudication. Disallowance under section 14A, including the consequential book-profit adjustment, was deleted in the absence of exempt income. Replacement and renovation expenditure was held revenue in nature. Case-Laws Income Tax Wed, 13 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348088