https://www.taxtmi.com/caselaws?id=392382 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee in a case concerning the computation of long term capital gain on the sale of land. The ITAT disagreed with the Assessing Officer's approach, directing the computation of capital gain based on a land rate of Rs. 150 per sq. meter as on 1.4.1981 and allowing indexation benefits. Additionally, the ITAT rejected the disallowance of an alleged improvement cost of Rs. 20 lakhs, emphasizing the insignificant amount relative to the total sale consideration and directing its inclusion in the computation of capital gain. en-us Fri, 10 Jan 2020 00:00:00 +0530 Wed, 19 Feb 2020 13:24:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392382 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee in a case concerning the computation of long term capital gain on the sale of land. The ITAT disagreed with the Assessing Officer's approach, directing the computation of capital gain based on a land rate of Rs. 150 per sq. meter as on 1.4.1981 and allowing indexation benefits. Additionally, the ITAT rejected the disallowance of an alleged improvement cost of Rs. 20 lakhs, emphasizing the insignificant amount relative to the total sale consideration and directing its inclusion in the computation of capital gain. Case-Laws Income Tax Fri, 10 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392382