https://www.taxtmi.com/caselaws?id=388080 The Tribunal upheld the CIT(A)'s decision in a tax case, ruling that the cost of acquisition for a 41,257 sq. ft. area should be the market value on the date of receipt, resulting in no capital gain. Additionally, the Tribunal confirmed the computation of capital gains for a 35,495 sq. ft. area based on the market value as of a specific date. The decision aligns with the Supreme Court's precedent that if the cost of acquisition cannot be ascertained, the computation provisions are invalid, leading to no capital gain assessment. en-us Wed, 30 Oct 2019 00:00:00 +0530 Thu, 07 Nov 2019 08:18:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388080 The Tribunal upheld the CIT(A)'s decision in a tax case, ruling that the cost of acquisition for a 41,257 sq. ft. area should be the market value on the date of receipt, resulting in no capital gain. Additionally, the Tribunal confirmed the computation of capital gains for a 35,495 sq. ft. area based on the market value as of a specific date. The decision aligns with the Supreme Court's precedent that if the cost of acquisition cannot be ascertained, the computation provisions are invalid, leading to no capital gain assessment. Case-Laws Income Tax Wed, 30 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388080