https://www.taxtmi.com/caselaws?id=361021 A mere allotment letter and part payment for a proposed commercial unit, where the asset was not yet in existence and possession, approvals or commencement documents were absent, did not amount to acquisition of a new asset for section 50 capital gains computation; the claimed deduction was therefore disallowed. The issue of set-off of brought forward losses required factual verification on the peculiar record, so it was remanded for fresh adjudication. The capital gains claim based on the proposed gala was sustained as denied, while the loss set-off question was left open for reassessment. en-us Wed, 23 May 2018 00:00:00 +0530 Mon, 28 May 2018 08:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361021 A mere allotment letter and part payment for a proposed commercial unit, where the asset was not yet in existence and possession, approvals or commencement documents were absent, did not amount to acquisition of a new asset for section 50 capital gains computation; the claimed deduction was therefore disallowed. The issue of set-off of brought forward losses required factual verification on the peculiar record, so it was remanded for fresh adjudication. The capital gains claim based on the proposed gala was sustained as denied, while the loss set-off question was left open for reassessment. Case-Laws Income Tax Wed, 23 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361021