https://www.taxtmi.com/caselaws?id=751929 ITAT Chennai upheld most findings of AO regarding LTCG computation and Section 54 deduction. Assessee's claim that gains were not taxable in current year was rejected as gains were offered only in this assessment year and not in any other year. For land cost computation, only proportionate cost was allowed as assessee parted with partial land. Regarding FMV determination, ITAT directed AO to adopt building FMV as Rs. 20 lacs as on 01-04-1981 without further depreciation. Section 54 deduction was restricted as assessee incorrectly attributed costs of all flats to two combined flats. en-us Thu, 25 Apr 2024 00:00:00 +0530 Tue, 30 Apr 2024 09:17:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751929 ITAT Chennai upheld most findings of AO regarding LTCG computation and Section 54 deduction. Assessee's claim that gains were not taxable in current year was rejected as gains were offered only in this assessment year and not in any other year. For land cost computation, only proportionate cost was allowed as assessee parted with partial land. Regarding FMV determination, ITAT directed AO to adopt building FMV as Rs. 20 lacs as on 01-04-1981 without further depreciation. Section 54 deduction was restricted as assessee incorrectly attributed costs of all flats to two combined flats. Case-Laws Income Tax Thu, 25 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751929