https://www.taxtmi.com/caselaws?id=66278 The Tribunal determined that lands acquired by the Government, despite being in an agricultural village, were not exempt from capital gains tax. It directed the fair market value to align with rates fixed by the High Court for accurate computation. Additionally, payments to protected tenants were allowed as a deductible cost of acquisition, following Section 48 of the IT Act. The Tribunal's decision provided clarity on these issues, resulting in a partial allowance of the appeals and ensuring a fair assessment of capital gains for the assessees. en-us Sat, 31 Dec 1977 00:00:00 +0530 Wed, 23 Feb 2011 13:00:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66278 The Tribunal determined that lands acquired by the Government, despite being in an agricultural village, were not exempt from capital gains tax. It directed the fair market value to align with rates fixed by the High Court for accurate computation. Additionally, payments to protected tenants were allowed as a deductible cost of acquisition, following Section 48 of the IT Act. The Tribunal's decision provided clarity on these issues, resulting in a partial allowance of the appeals and ensuring a fair assessment of capital gains for the assessees. Case-Laws Income Tax Sat, 31 Dec 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66278