https://www.taxtmi.com/caselaws?id=751929 In a limited scrutiny assessment, capital-gains examination remains confined to the permitted scope, and the year of taxability cannot be shifted on an inconsistent or unsupported alternative claim. For joint development transactions, the gains were treated as taxable in the year of sale deeds, while additional evidence and a plea based on earlier possession were rejected. On computation, only proportionate land cost was allowable where only part of the land was transferred, and section 54 relief had to be linked to the relevant flat area on a proportionate, fact-based basis. The fair market value of the old building as on 01-04-1981 was directed at Rs. 20 lakhs, with recomputation accordingly. 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 In a limited scrutiny assessment, capital-gains examination remains confined to the permitted scope, and the year of taxability cannot be shifted on an inconsistent or unsupported alternative claim. For joint development transactions, the gains were treated as taxable in the year of sale deeds, while additional evidence and a plea based on earlier possession were rejected. On computation, only proportionate land cost was allowable where only part of the land was transferred, and section 54 relief had to be linked to the relevant flat area on a proportionate, fact-based basis. The fair market value of the old building as on 01-04-1981 was directed at Rs. 20 lakhs, with recomputation accordingly. Case-Laws Income Tax Thu, 25 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751929