https://www.taxtmi.com/highlights?id=89979 ITAT allowed Revenue's appeal for statistical purposes in short-term capital gains dispute. Assessee sold land, and CIT(A)/NFAC directed AO to compute capital gains by deducting fair market value from sale consideration. ITAT held that when actual cost of asset is available, fair market value deduction is inappropriate for determining capital gains. However, since AO's order was ex-parte and treatment of other co-owners remained unclear, ITAT restored matter to AO for fresh determination. AO directed to decide issue afresh after providing due hearing opportunity to assessee, considering treatment of other co-partners, and allowing assessee to substantiate case with requisite details in accordance with law. en-us Tue, 01 Jul 2025 08:48:01 +0530 Tue, 01 Jul 2025 08:48:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=89979 ITAT allowed Revenue's appeal for statistical purposes in short-term capital gains dispute. Assessee sold land, and CIT(A)/NFAC directed AO to compute capital gains by deducting fair market value from sale consideration. ITAT held that when actual cost of asset is available, fair market value deduction is inappropriate for determining capital gains. However, since AO's order was ex-parte and treatment of other co-owners remained unclear, ITAT restored matter to AO for fresh determination. AO directed to decide issue afresh after providing due hearing opportunity to assessee, considering treatment of other co-partners, and allowing assessee to substantiate case with requisite details in accordance with law. Highlights Income Tax Tue, 01 Jul 2025 08:48:01 +0530 https://www.taxtmi.com/highlights?id=89979