https://www.taxtmi.com/caselaws?id=436766 The Tribunal partly allowed the appeal, directing the Assessing Officer to re-compute long term capital gains and review the deduction claim under section 54 of the Act. The appellant's challenge to the re-computation of gains and the adoption of Fair Market Value as the cost of acquisition was upheld. However, the claim for tax exemption under section 54 was remanded for further examination due to insufficient evidence of property construction completion within the prescribed timeline. The allegation of lack of opportunity and violation of natural justice principles was dismissed by the Tribunal. en-us Wed, 18 Jan 2023 00:00:00 +0530 Thu, 20 Apr 2023 10:01:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436766 The Tribunal partly allowed the appeal, directing the Assessing Officer to re-compute long term capital gains and review the deduction claim under section 54 of the Act. The appellant's challenge to the re-computation of gains and the adoption of Fair Market Value as the cost of acquisition was upheld. However, the claim for tax exemption under section 54 was remanded for further examination due to insufficient evidence of property construction completion within the prescribed timeline. The allegation of lack of opportunity and violation of natural justice principles was dismissed by the Tribunal. Case-Laws Income Tax Wed, 18 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436766