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Taxpayer Wins Partial Relief on Land Sale; Indexation from Allotment Date; AO to Reassess Loan Interest Expenses.
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....Indexation benefit allowed from date of allotment letter for capital gain on land sale. Cost of acquisition determined from books for separately maintained land parcel accounts. Cost of land improvement remanded to AO for fresh adjudication based on evidence. Disallowed expenses related to interest on loans for land purchase set aside for AO to examine allowability under law after considering all facts, including commencement of business. Partial relief granted to assessee.....