ITAT Corrects Tax Error: Assessee's Liability Reduced After Recalculation of Short-Term Capital Gains on Asset Acquisition.

ITAT Corrects Tax Error: Assessee's Liability Reduced After Recalculation of Short-Term Capital Gains on Asset Acquisition. https://www.taxtmi.com/highlights?id=75572 Capital gain - STCG - compensation on the compulsory acquisition of capital assets - The ITAT noted a defect in the order of the CIT(A) as it did not provide the benefit of deduction for the written down value of Rs. 7,67,802/- and also did not give the benefit of acquisition of land with indexation cost. Upon recalculating the capital gain, the Court found that the tax liability of the assessee would reduce significantly. - Assessing Officer directed to delete the addition made. en-us Mon, 11 Mar 2024 06:25:52 +0530 Mon, 11 Mar 2024 06:25:52 +0530 TaxTMI RSS Generator ITAT Corrects Tax Error: Assessee's Liability Reduced After Recalculation of Short-Term Capital Gains on Asset Acquisition. https://www.taxtmi.com/highlights?id=75572 Capital gain - STCG - compensation on the compulsory acquisition of capital assets - The ITAT noted a defect in the order of the CIT(A) as it did not provide the benefit of deduction for the written down value of Rs. 7,67,802/- and also did not give the benefit of acquisition of land with indexation cost. Upon recalculating the capital gain, the Court found that the tax liability of the assessee would reduce significantly. - Assessing Officer directed to delete the addition made. Highlights Income Tax Mon, 11 Mar 2024 06:25:52 +0530 https://www.taxtmi.com/highlights?id=75572