https://www.taxtmi.com/caselaws?id=445206 The ITAT Surat ruled in favor of the assessee regarding computation of long-term capital gains (LTCG). The AO incorrectly took sale consideration from seized documents but accepted cost of acquisition from the original return filed under section 139. The tribunal held this created inequality in LTCG computation, emphasizing that when both sale consideration and cost of acquisition are mentioned in seized material, the AO must consider both for fair calculation. The tribunal applied the principle of apple-to-apple comparison to ensure equitable treatment and deleted the addition made by the AO. en-us Mon, 11 Sep 2023 00:00:00 +0530 Thu, 02 Nov 2023 19:17:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445206 The ITAT Surat ruled in favor of the assessee regarding computation of long-term capital gains (LTCG). The AO incorrectly took sale consideration from seized documents but accepted cost of acquisition from the original return filed under section 139. The tribunal held this created inequality in LTCG computation, emphasizing that when both sale consideration and cost of acquisition are mentioned in seized material, the AO must consider both for fair calculation. The tribunal applied the principle of apple-to-apple comparison to ensure equitable treatment and deleted the addition made by the AO. Case-Laws Income Tax Mon, 11 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445206