https://www.taxtmi.com/caselaws?id=794990 Capital gains computation under sections 45 and 48 requires allowance for cost of acquisition, improvement and transfer expenditure. For identifiable properties supported by prior sale deeds or release records, unavailable historical documentation alone does not justify treating acquisition cost as nil. Fair market value, indexation, guidance value and related property particulars may require factual verification. Interest under section 234A is described as compensatory and limited to legally attributable delay. Where no valid return could legally be furnished after the periods under sections 139 and 139(4) expired and before notice under section 148, the intervening period should be excluded, applying the principle that law does not compel impossibility. en-us Tue, 30 Jun 2026 00:00:00 +0530 Wed, 15 Jul 2026 08:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794990 Capital gains computation under sections 45 and 48 requires allowance for cost of acquisition, improvement and transfer expenditure. For identifiable properties supported by prior sale deeds or release records, unavailable historical documentation alone does not justify treating acquisition cost as nil. Fair market value, indexation, guidance value and related property particulars may require factual verification. Interest under section 234A is described as compensatory and limited to legally attributable delay. Where no valid return could legally be furnished after the periods under sections 139 and 139(4) expired and before notice under section 148, the intervening period should be excluded, applying the principle that law does not compel impossibility. Case-Laws Income Tax Tue, 30 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794990