https://www.taxtmi.com/caselaws?id=65165 An unconfirmed allotment cannot justify an enhanced asset valuation where the only ascertainable value is the amount actually deposited; the deposited sum was treated as the correct value for the Okhla plot. A bona fide public-auction price was accepted as fair market value for W-2/7, West Patel Nagar, because the sale reflected an open market transaction and no material supported any upward revision. The claim for deduction or exemption under section 33(1)(n) for house No. 14/14, East Patel Nagar, was also allowed on the basis of the CBDT circular. The ratio is that an unconfirmed asset cannot be valued beyond proven consideration, and a genuine auction price may be adopted absent contrary evidence. en-us Wed, 28 Jan 1987 00:00:00 +0530 Mon, 14 Feb 2011 10:20:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65165 An unconfirmed allotment cannot justify an enhanced asset valuation where the only ascertainable value is the amount actually deposited; the deposited sum was treated as the correct value for the Okhla plot. A bona fide public-auction price was accepted as fair market value for W-2/7, West Patel Nagar, because the sale reflected an open market transaction and no material supported any upward revision. The claim for deduction or exemption under section 33(1)(n) for house No. 14/14, East Patel Nagar, was also allowed on the basis of the CBDT circular. The ratio is that an unconfirmed asset cannot be valued beyond proven consideration, and a genuine auction price may be adopted absent contrary evidence. Case-Laws Income Tax Wed, 28 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65165