https://www.taxtmi.com/caselaws?id=399051 The Income Tax Appellate Tribunal (ITAT) upheld the Assessing Officer's (A.O.) assessment of income at Rs. 92,84,18,760, confirming it was correctly assessed. The ITAT also ruled that amounts received pursuant to a family settlement were taxable as Long Term Capital Gains (LTCG), rejecting the Assessee's claims of non-taxability and owelty. However, the ITAT allowed the Assessee's appeal on the indexed cost of acquisition of shares, directing the A.O. to accept the higher indexed cost. The appeal was partly allowed, with the ITAT dismissing the appeal on most grounds except for the indexed cost issue. en-us Mon, 28 Sep 2020 00:00:00 +0530 Thu, 01 Oct 2020 15:47:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399051 The Income Tax Appellate Tribunal (ITAT) upheld the Assessing Officer's (A.O.) assessment of income at Rs. 92,84,18,760, confirming it was correctly assessed. The ITAT also ruled that amounts received pursuant to a family settlement were taxable as Long Term Capital Gains (LTCG), rejecting the Assessee's claims of non-taxability and owelty. However, the ITAT allowed the Assessee's appeal on the indexed cost of acquisition of shares, directing the A.O. to accept the higher indexed cost. The appeal was partly allowed, with the ITAT dismissing the appeal on most grounds except for the indexed cost issue. Case-Laws Income Tax Mon, 28 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399051