https://www.taxtmi.com/caselaws?id=421180 Restriction of Property Sale Expenses: The Tribunal directed the AO to allow brokerage expenses of Rs. 2,45,000/-, partially substantiating the claim. Determination of Fair Market Value: The Tribunal revised the land's FMV to Rs. 5,700/- per cent as of 1.4.1981. Rejection of Claim of Cost of Improvement: The Tribunal upheld the rejection of Rs. 4 lakhs claim for air conditioners. Rejection of Enhanced Claim of Deduction under Section 54: The Tribunal allowed the enhanced deduction of Rs. 1,48,26,257/-, citing compliance with investment timelines. The Tribunal partially allowed the appeal, instructing the AO to recalculate long-term capital gains. en-us Mon, 04 Apr 2022 00:00:00 +0530 Tue, 19 Apr 2022 08:54:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421180 Restriction of Property Sale Expenses: The Tribunal directed the AO to allow brokerage expenses of Rs. 2,45,000/-, partially substantiating the claim. Determination of Fair Market Value: The Tribunal revised the land's FMV to Rs. 5,700/- per cent as of 1.4.1981. Rejection of Claim of Cost of Improvement: The Tribunal upheld the rejection of Rs. 4 lakhs claim for air conditioners. Rejection of Enhanced Claim of Deduction under Section 54: The Tribunal allowed the enhanced deduction of Rs. 1,48,26,257/-, citing compliance with investment timelines. The Tribunal partially allowed the appeal, instructing the AO to recalculate long-term capital gains. Case-Laws Income Tax Mon, 04 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421180