https://www.taxtmi.com/caselaws?id=771274 The ITAT Chennai held in favor of the assessee on two key issues for A.Y. 2015-16. First, regarding LTCG computation on immovable property sale for Rs. 10 crores, the tribunal ruled that the cost of acquisition recorded in the assessee's books per the transfer deed should be considered for computing capital gains, not the lower value of Rs. 23,872 adopted by AO and CIT(A). The revenue's failure to tax the transferor in A.Y. 1998-99 cannot deny proper cost of acquisition. Second, loan waiver by Bank of Ceylon cannot be taxed under section 41(1), following SC precedent in Mahindra and Mahindra Ltd. case, as waived amounts weren't previously claimed expenditure. en-us Thu, 27 Mar 2025 00:00:00 +0530 Thu, 22 May 2025 12:01:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771274 The ITAT Chennai held in favor of the assessee on two key issues for A.Y. 2015-16. First, regarding LTCG computation on immovable property sale for Rs. 10 crores, the tribunal ruled that the cost of acquisition recorded in the assessee's books per the transfer deed should be considered for computing capital gains, not the lower value of Rs. 23,872 adopted by AO and CIT(A). The revenue's failure to tax the transferor in A.Y. 1998-99 cannot deny proper cost of acquisition. Second, loan waiver by Bank of Ceylon cannot be taxed under section 41(1), following SC precedent in Mahindra and Mahindra Ltd. case, as waived amounts weren't previously claimed expenditure. Case-Laws Income Tax Thu, 27 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771274