2008 (8) TMI 165 - HC - Income Tax

Computation of capital gains - in the case where full value of consideration was the sale price of two properties sold by the assessee, there is no need to compute fair market value – hence AO could not have referred the matter to Valuation Officers – in respect of assessee writing off bad dept in relevant previous year, revenue is not justified in disallowing the same on the ground that RBI’s permission to write off the debts communicated to assessee only after end of the previous year