https://www.taxtmi.com/caselaws?id=282246 The ITAT Chennai partly allowed the appeal filed by the Revenue in a case involving delay in filing appeal, computation of capital gains, and deduction under Section 54 of the Income-tax Act, 1961. The delay in filing the appeal was condoned, and the appeal was admitted. Regarding the computation of capital gains, the ITAT Chennai held that the fair market value declared by the assessee for wealth-tax purposes should also be considered for income-tax purposes. Consequently, the Assessing Officer's order was reinstated, and the CIT(Appeals)'s order directing adoption of a different value for computing capital gains was set aside. en-us Thu, 04 Apr 2013 00:00:00 +0530 Mon, 29 Jul 2019 14:59:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282246 The ITAT Chennai partly allowed the appeal filed by the Revenue in a case involving delay in filing appeal, computation of capital gains, and deduction under Section 54 of the Income-tax Act, 1961. The delay in filing the appeal was condoned, and the appeal was admitted. Regarding the computation of capital gains, the ITAT Chennai held that the fair market value declared by the assessee for wealth-tax purposes should also be considered for income-tax purposes. Consequently, the Assessing Officer's order was reinstated, and the CIT(Appeals)'s order directing adoption of a different value for computing capital gains was set aside. Case-Laws Income Tax Thu, 04 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282246