https://www.taxtmi.com/caselaws?id=60543 The Tribunal allowed the appeal in favor of the assessee, determining the cost basis of the asset at Rs. 9,40,000 and classifying the capital gains as short-term. The Tribunal found sections 49 and 50 of the IT Act inapplicable, rejecting the ITO's adjustments and emphasizing the firm's claimed cost basis. The matter of interest charged under section 139(8) was remanded for further consideration by the Commissioner of Income Tax (Appeals). The decision reflected a significant victory for the assessee on the crucial issues of cost basis determination and capital gains classification. en-us Fri, 01 May 1981 00:00:00 +0530 Wed, 05 Jan 2011 18:17:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60543 The Tribunal allowed the appeal in favor of the assessee, determining the cost basis of the asset at Rs. 9,40,000 and classifying the capital gains as short-term. The Tribunal found sections 49 and 50 of the IT Act inapplicable, rejecting the ITO's adjustments and emphasizing the firm's claimed cost basis. The matter of interest charged under section 139(8) was remanded for further consideration by the Commissioner of Income Tax (Appeals). The decision reflected a significant victory for the assessee on the crucial issues of cost basis determination and capital gains classification. Case-Laws Income Tax Fri, 01 May 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60543