https://www.taxtmi.com/caselaws?id=791463 Immovable property sale proceeds had to be computed on a capital gains basis where the purchase cost, indexed acquisition cost and supported improvement cost were available on record. The assessment had wrongly treated the entire sale consideration as short-term capital gain and had omitted the cost of improvement, even though the material showed the transaction and related costs were not in dispute. The correct computation required treating the transfer as giving rise to long-term capital gain and allowing indexation for both acquisition and improvement costs. The addition based on taxing the full sale consideration as short-term capital gain was not sustainable. en-us Fri, 27 Mar 2026 00:00:00 +0530 Tue, 12 May 2026 08:50:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791463 Immovable property sale proceeds had to be computed on a capital gains basis where the purchase cost, indexed acquisition cost and supported improvement cost were available on record. The assessment had wrongly treated the entire sale consideration as short-term capital gain and had omitted the cost of improvement, even though the material showed the transaction and related costs were not in dispute. The correct computation required treating the transfer as giving rise to long-term capital gain and allowing indexation for both acquisition and improvement costs. The addition based on taxing the full sale consideration as short-term capital gain was not sustainable. Case-Laws Income Tax Fri, 27 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791463