ITAT Corrects Tax Error: Assessee's Liability Reduced After Recalculation of Short-Term Capital Gains on Asset Acquisition.

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....Capital gain - STCG - compensation on the compulsory acquisition of capital assets - The ITAT noted a defect in the order of the CIT(A) as it did not provide the benefit of deduction for the written down value of Rs. 7,67,802/- and also did not give the benefit of acquisition of land with indexation cost. Upon recalculating the capital gain, the Court found that the tax liability of the assessee would reduce significantly. - Assessing Officer directed to delete the addition made.....