https://www.taxtmi.com/caselaws?id=411323 The ITAT Mumbai ruled in favor of the assessee in a case concerning the calculation of short term capital gain using the FIFO method and the exclusion of bonus shares in the computation. The ITAT directed the AO to recompute the capital gain using the FIFO method consistently followed by the assessee, overturning the use of the LIFO method by the AO. The decision emphasized rectifying errors in the income computation by granting a fair hearing opportunity to the assessee. en-us Fri, 06 Aug 2021 00:00:00 +0530 Mon, 23 Aug 2021 08:41:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411323 The ITAT Mumbai ruled in favor of the assessee in a case concerning the calculation of short term capital gain using the FIFO method and the exclusion of bonus shares in the computation. The ITAT directed the AO to recompute the capital gain using the FIFO method consistently followed by the assessee, overturning the use of the LIFO method by the AO. The decision emphasized rectifying errors in the income computation by granting a fair hearing opportunity to the assessee. Case-Laws Income Tax Fri, 06 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411323