https://www.taxtmi.com/caselaws?id=307339 The appellate tribunal ruled in favor of the appellant on both issues. It determined that Section 50C was not applicable for valuing the land, as the conveyance deed in 2009 only transferred residuary rights, not the land itself. Additionally, the tribunal decided that the cost of acquisition for the appellant should be considered Nil for calculating long-term capital gains, based on the property's history of acquisition and sale. The tribunal directed the Assessing Officer to recompute the appellant's income without applying Section 50C and considering Nil cost of acquisition. en-us Wed, 05 Dec 2018 00:00:00 +0530 Fri, 07 Apr 2023 08:40:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307339 The appellate tribunal ruled in favor of the appellant on both issues. It determined that Section 50C was not applicable for valuing the land, as the conveyance deed in 2009 only transferred residuary rights, not the land itself. Additionally, the tribunal decided that the cost of acquisition for the appellant should be considered Nil for calculating long-term capital gains, based on the property's history of acquisition and sale. The tribunal directed the Assessing Officer to recompute the appellant's income without applying Section 50C and considering Nil cost of acquisition. Case-Laws Income Tax Wed, 05 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307339