https://www.taxtmi.com/caselaws?id=58666 The delay in filing the cross-objection challenging the assessment regarding capital gains was not condoned due to the unsatisfactory explanation provided by the assessee. The dispute over the tax implications of a lease agreement for a vacant land led to a recomputation of capital gains, with the capitalised value of rent being excluded from the consideration. The tribunal held that the rent was for land use and taxable under a different category, not contributing to capital gains. The valuation of the property as on 1-1-1954 at Rs. 43,000 was deemed reasonable, resulting in the dismissal of the appeal and cross-objection. en-us Thu, 13 May 1982 00:00:00 +0530 Tue, 21 Dec 2010 14:02:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58666 The delay in filing the cross-objection challenging the assessment regarding capital gains was not condoned due to the unsatisfactory explanation provided by the assessee. The dispute over the tax implications of a lease agreement for a vacant land led to a recomputation of capital gains, with the capitalised value of rent being excluded from the consideration. The tribunal held that the rent was for land use and taxable under a different category, not contributing to capital gains. The valuation of the property as on 1-1-1954 at Rs. 43,000 was deemed reasonable, resulting in the dismissal of the appeal and cross-objection. Case-Laws Income Tax Thu, 13 May 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58666