https://www.taxtmi.com/caselaws?id=297863 In block assessment, capital gains under section 45(3) could not be computed by relying on later sale value or material not found in search; the firm had no maintained books or recorded value to support the Assessing Officer's method, so the proposed tax computation was impermissible. The land was found, on the documentary record and surrounding family conduct, to have been treated as joint family property rather than Krishna Reddy's exclusive individual asset, and the Revenue's contrary reliance on partnership and development documents was rejected. With that status dispute resolved against the Revenue, penalty under section 158BFA(2) also could not survive. en-us Wed, 03 Oct 2012 00:00:00 +0530 Sat, 25 Sep 2021 11:49:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297863 In block assessment, capital gains under section 45(3) could not be computed by relying on later sale value or material not found in search; the firm had no maintained books or recorded value to support the Assessing Officer's method, so the proposed tax computation was impermissible. The land was found, on the documentary record and surrounding family conduct, to have been treated as joint family property rather than Krishna Reddy's exclusive individual asset, and the Revenue's contrary reliance on partnership and development documents was rejected. With that status dispute resolved against the Revenue, penalty under section 158BFA(2) also could not survive. Case-Laws Indian Laws Wed, 03 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297863