https://www.taxtmi.com/caselaws?id=291322 The Revenue's appeal was allowed in favor of both the Revenue and Assessee regarding the fair market value fixed as of 01.04.1981. The Assessee's appeal was dismissed on grounds of reopening of assessment and the disallowance of index cost of building as a deduction. The Tribunal upheld the reopening due to the absence of an assessment order under section 143(3) and dismissed the claim for index cost consideration citing precedents. Additionally, the deduction under section 54 was not allowed as investment details were not provided. The Tribunal remitted the matter of the change in assessee status from individual to HUF back to the Assessing Officer for reconsideration. Both appeals were partly allowed for statistical purposes, with orders set aside for reassessment of certain issues. en-us Fri, 09 Sep 2011 00:00:00 +0530 Thu, 05 Nov 2020 17:53:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291322 The Revenue's appeal was allowed in favor of both the Revenue and Assessee regarding the fair market value fixed as of 01.04.1981. The Assessee's appeal was dismissed on grounds of reopening of assessment and the disallowance of index cost of building as a deduction. The Tribunal upheld the reopening due to the absence of an assessment order under section 143(3) and dismissed the claim for index cost consideration citing precedents. Additionally, the deduction under section 54 was not allowed as investment details were not provided. The Tribunal remitted the matter of the change in assessee status from individual to HUF back to the Assessing Officer for reconsideration. Both appeals were partly allowed for statistical purposes, with orders set aside for reassessment of certain issues. Case-Laws Income Tax Fri, 09 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291322