https://www.taxtmi.com/caselaws?id=372311 The High Court of Kerala ruled in favor of the assessee regarding the correct computation of capital gains and entitlement to exemption under the Income Tax Act. The Court upheld the cost indexation based on the value declared by the assessee, rejecting lower valuations from wealth tax assessments. Additionally, the Court emphasized that the consideration for the property sale should be based on the cost of construction as per the agreement with the builder, dismissing the Revenue's argument for market value determination. As a result, the appeal was dismissed, and each party was directed to bear their respective costs. en-us Thu, 13 Dec 2018 00:00:00 +0530 Thu, 20 Dec 2018 08:17:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372311 The High Court of Kerala ruled in favor of the assessee regarding the correct computation of capital gains and entitlement to exemption under the Income Tax Act. The Court upheld the cost indexation based on the value declared by the assessee, rejecting lower valuations from wealth tax assessments. Additionally, the Court emphasized that the consideration for the property sale should be based on the cost of construction as per the agreement with the builder, dismissing the Revenue's argument for market value determination. As a result, the appeal was dismissed, and each party was directed to bear their respective costs. Case-Laws Income Tax Thu, 13 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372311