https://www.taxtmi.com/caselaws?id=351714 A later circle rate could not be used to reverse-work the cost inflation index for an earlier year, and the addition made on that basis was deleted. On the agricultural receipts issue, contemporaneous revenue records such as Jambandi and Girdawari supported the finding that the land remained in the assessee's possession, so the amount was not treated as long-term capital gain. Deduction under section 54B was upheld because the agreement to purchase, transfer of possession, and deposit of consideration in the capital gain account scheme satisfied the statutory conditions and the principles of part performance. The Revenue's appeal failed on all substantive issues. en-us Wed, 25 Oct 2017 00:00:00 +0530 Thu, 30 Nov 2017 08:42:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351714 A later circle rate could not be used to reverse-work the cost inflation index for an earlier year, and the addition made on that basis was deleted. On the agricultural receipts issue, contemporaneous revenue records such as Jambandi and Girdawari supported the finding that the land remained in the assessee's possession, so the amount was not treated as long-term capital gain. Deduction under section 54B was upheld because the agreement to purchase, transfer of possession, and deposit of consideration in the capital gain account scheme satisfied the statutory conditions and the principles of part performance. The Revenue's appeal failed on all substantive issues. Case-Laws Income Tax Wed, 25 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351714