https://www.taxtmi.com/caselaws?id=409178 The Tribunal dismissed the department's appeal and allowed the assessee's appeal regarding the computation of long term capital gain from a Joint Development Agreement. It held that the assessing officer's disallowance of the cost of acquisition was unjustified as the land transfer for consideration was evident, irrespective of its appearance in the balance sheet. Additionally, the Tribunal directed the assessing officer to allow indexation of cost till the assessment year 2011-12, rejecting the CIT (A)'s restriction till AY 2008-09 based on the conversion of the capital asset into stock-in-trade. en-us Wed, 30 Jun 2021 00:00:00 +0530 Thu, 01 Jul 2021 07:55:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409178 The Tribunal dismissed the department's appeal and allowed the assessee's appeal regarding the computation of long term capital gain from a Joint Development Agreement. It held that the assessing officer's disallowance of the cost of acquisition was unjustified as the land transfer for consideration was evident, irrespective of its appearance in the balance sheet. Additionally, the Tribunal directed the assessing officer to allow indexation of cost till the assessment year 2011-12, rejecting the CIT (A)'s restriction till AY 2008-09 based on the conversion of the capital asset into stock-in-trade. Case-Laws Income Tax Wed, 30 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409178