Ranchhoddas M. Sugnadhi vs Income-Tax Officer
The high court partially allows an appeal against the assessment of the petitioner under the Income Tax Act of 1961. The court agrees that the capital gains amount has to be calculated including the correct value of the plot and the cost of construction.The verdict also finds the petitioner eligible for relief under Section 8oT but rejects the claim for benefits under Section 54 (1) as a Hindu Undivided Family.
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Madras High Court