https://www.taxtmi.com/caselaws?id=289885 The Tribunal allowed the assessee's appeal, directing the AO to consider the sale value of leasehold rights at Rs. 5,25,00,000/-, adopt a more objective method for valuing land and building at Rs. 4,09,42,000/- and Rs. 1,15,58,000/- respectively, and allow the write-off of project expenses amounting to Rs. 3,02,000/-. The Tribunal held that Section 50C does not apply to leasehold rights, rejecting the CIT(A)'s decision on the sale values and project expenses, and instructed the AO to recalculate the capital gains accordingly. en-us Tue, 26 Mar 2019 00:00:00 +0530 Fri, 28 Aug 2020 11:38:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289885 The Tribunal allowed the assessee's appeal, directing the AO to consider the sale value of leasehold rights at Rs. 5,25,00,000/-, adopt a more objective method for valuing land and building at Rs. 4,09,42,000/- and Rs. 1,15,58,000/- respectively, and allow the write-off of project expenses amounting to Rs. 3,02,000/-. The Tribunal held that Section 50C does not apply to leasehold rights, rejecting the CIT(A)'s decision on the sale values and project expenses, and instructed the AO to recalculate the capital gains accordingly. Case-Laws Income Tax Tue, 26 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289885