https://www.taxtmi.com/caselaws?id=278786 The Tribunal upheld the decision to treat the gain as short term capital gain due to the property being sold within 36 months of ownership acquisition. However, it directed a reassessment, disagreeing with the cost of acquisition determination. The Tribunal ruled that the cost of acquisition should be the market value of the tenancy right at the ownership acquisition date plus the payment made by the assessee, not just the price paid for ownership. The Assessing Officer was instructed to conduct a fresh assessment considering these factors. en-us Wed, 19 Dec 2012 00:00:00 +0530 Thu, 21 Feb 2019 06:13:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278786 The Tribunal upheld the decision to treat the gain as short term capital gain due to the property being sold within 36 months of ownership acquisition. However, it directed a reassessment, disagreeing with the cost of acquisition determination. The Tribunal ruled that the cost of acquisition should be the market value of the tenancy right at the ownership acquisition date plus the payment made by the assessee, not just the price paid for ownership. The Assessing Officer was instructed to conduct a fresh assessment considering these factors. Case-Laws Income Tax Wed, 19 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278786