https://www.taxtmi.com/caselaws?id=430464 The Appellate Tribunal partially allowed the appeal challenging the assessment of capital gains and business income for AY 2014-15. The Tribunal directed the Assessing Officer to compute capital gains based on an estimated market value, disagreed with deductions claimed under sections 54B and 54F due to lack of evidence, adjusted fair market value to an intermediate value, and restricted disallowance of land development expenses to 20%. The judgment emphasized the importance of providing adequate evidence and reasonable bases for tax-related claims and assessments. en-us Wed, 16 Nov 2022 00:00:00 +0530 Sat, 19 Nov 2022 09:00:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430464 The Appellate Tribunal partially allowed the appeal challenging the assessment of capital gains and business income for AY 2014-15. The Tribunal directed the Assessing Officer to compute capital gains based on an estimated market value, disagreed with deductions claimed under sections 54B and 54F due to lack of evidence, adjusted fair market value to an intermediate value, and restricted disallowance of land development expenses to 20%. The judgment emphasized the importance of providing adequate evidence and reasonable bases for tax-related claims and assessments. Case-Laws Income Tax Wed, 16 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430464