Gujarat HC allows Capital Gain Deduction With Seized Evidence, Reverses Interim Settlement Board’s Decision

The Gujarat High Court allowed deduction of capital gains based on seized evidence, overturning the decision of the Interim Settlement Board. The court ruled that despite the interim nature of the settlement, the evidence seized by tax authorities was admissible for computing capital gains under the Income Tax Act. This decision highlights the importance of proper documentation and legal scrutiny in tax disputes involving capital gains.