https://www.taxtmi.com/caselaws?id=198874 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) in a case involving the computation of capital gain without considering the cost of acquisition for a land transaction. The appellant successfully argued that since the land was allotted under a Rehabilitation Scheme without any cost of acquisition, no capital gains tax should be charged. Relying on judicial decisions emphasizing the importance of the cost of acquisition in determining tax liability, the Tribunal dismissed the Revenue's appeal and affirmed the exclusion of capital gains from the appellant's total income. en-us Thu, 03 Nov 2016 00:00:00 +0530 Sun, 11 Feb 2018 20:22:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198874 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) in a case involving the computation of capital gain without considering the cost of acquisition for a land transaction. The appellant successfully argued that since the land was allotted under a Rehabilitation Scheme without any cost of acquisition, no capital gains tax should be charged. Relying on judicial decisions emphasizing the importance of the cost of acquisition in determining tax liability, the Tribunal dismissed the Revenue's appeal and affirmed the exclusion of capital gains from the appellant's total income. Case-Laws Income Tax Thu, 03 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198874