https://www.taxtmi.com/caselaws?id=57508 The ITAT upheld the CIT's orders in a case concerning the computation of capital gains, claiming deductions for a residential property, and valuing perquisites related to rent-free accommodation. It affirmed the reassessment of the property's fair market value for capital gains calculation, disallowing the deduction under section 53 due to lack of evidence supporting the property's residential use, and supported the valuation of perquisites as per Rule 3 of the IT Rules. The ITAT emphasized the importance of accurate valuation and compliance with tax provisions in these matters. en-us Fri, 22 Sep 1995 00:00:00 +0530 Fri, 10 Dec 2010 15:28:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57508 The ITAT upheld the CIT's orders in a case concerning the computation of capital gains, claiming deductions for a residential property, and valuing perquisites related to rent-free accommodation. It affirmed the reassessment of the property's fair market value for capital gains calculation, disallowing the deduction under section 53 due to lack of evidence supporting the property's residential use, and supported the valuation of perquisites as per Rule 3 of the IT Rules. The ITAT emphasized the importance of accurate valuation and compliance with tax provisions in these matters. Case-Laws Income Tax Fri, 22 Sep 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57508