Assessment Ignoring Indexed Cost of Acquisition Set Aside: Karnataka HC

Devanur Thimmasetty Srinivasa Vs ITO (Karnataka High Court) Assessment order taking entirety of the sale consideration without taking note of the indexed cost of acquisition. is liable to set-aside- Karnataka HC In a recent ruling, the Karnataka High Court quashed an income tax reassessment order and notice issued to the petitioner where the full sale consideration was considered in calculating capital gains without applying an indexed cost adjustment. Petitioner submitted that he did not participate in the proceedings as he was not informed by his accountant regarding the proceedings initiate...