https://www.taxtmi.com/caselaws?id=426667 The Tribunal held that payments made by the buyer to tenants for vacating the property should not be taxed as income of the property owners. The assessment based on a statement recorded under section 132 without allowing cross-examination was deemed invalid. The Tribunal directed the Assessing Officer to use the guideline value for stamp duty purposes in computing capital gains. The matter regarding exemption under section 54 was remitted back for fresh consideration due to lack of documentation initially provided by the assessees. en-us Fri, 29 Jul 2022 00:00:00 +0530 Mon, 22 Aug 2022 16:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426667 The Tribunal held that payments made by the buyer to tenants for vacating the property should not be taxed as income of the property owners. The assessment based on a statement recorded under section 132 without allowing cross-examination was deemed invalid. The Tribunal directed the Assessing Officer to use the guideline value for stamp duty purposes in computing capital gains. The matter regarding exemption under section 54 was remitted back for fresh consideration due to lack of documentation initially provided by the assessees. Case-Laws Income Tax Fri, 29 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426667