https://www.taxtmi.com/caselaws?id=278424 The Tribunal upheld the decision to adopt the fair market value as of April 1, 1981, for determining the cost of acquisition of tenancy rights under Section 55(2)(b)(ii) of the Income Tax Act. It also allowed the inclusion of renovation costs in the cost of a new asset for exemption under Section 54F. The Tribunal dismissed the Revenue's arguments against these decisions due to lack of evidence or legal basis. However, the Tribunal admitted for consideration the deletion of an addition made by the Assessing Officer regarding a deposit in the Capital Gains Account Scheme, directing the Registry to keep relevant documents for future reference. en-us Thu, 24 Nov 2016 00:00:00 +0530 Fri, 01 Feb 2019 06:58:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278424 The Tribunal upheld the decision to adopt the fair market value as of April 1, 1981, for determining the cost of acquisition of tenancy rights under Section 55(2)(b)(ii) of the Income Tax Act. It also allowed the inclusion of renovation costs in the cost of a new asset for exemption under Section 54F. The Tribunal dismissed the Revenue's arguments against these decisions due to lack of evidence or legal basis. However, the Tribunal admitted for consideration the deletion of an addition made by the Assessing Officer regarding a deposit in the Capital Gains Account Scheme, directing the Registry to keep relevant documents for future reference. Case-Laws Income Tax Thu, 24 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278424