https://www.taxtmi.com/caselaws?id=274932 The ITAT Hyderabad directed the assessing officer to deduct the indexed cost of the building in the computation of long-term capital gains, rejecting the view that only the land was transferred. The sale proceeds from the building were treated as part of capital gains due to the building's demolition before land transfer. Disallowed expenses were allowed against business income, not income from other sources. The ITAT partially allowed the appeal, directing the re-computation of capital gains and verification of expenses against business income. en-us Wed, 25 Jan 2012 00:00:00 +0530 Tue, 11 Sep 2018 10:32:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274932 The ITAT Hyderabad directed the assessing officer to deduct the indexed cost of the building in the computation of long-term capital gains, rejecting the view that only the land was transferred. The sale proceeds from the building were treated as part of capital gains due to the building's demolition before land transfer. Disallowed expenses were allowed against business income, not income from other sources. The ITAT partially allowed the appeal, directing the re-computation of capital gains and verification of expenses against business income. Case-Laws Income Tax Wed, 25 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274932