https://www.taxtmi.com/caselaws?id=121459 The Tribunal upheld the Assessing Officer's decision to adopt the Fair Market Value (FMV) of the land as on 1-4-1981, rejecting the assessee's argument to use the date of designation as a capital asset in 1994. The FMV of Rs. 1,000 per cent set by the Assessing Officer was deemed reasonable, dismissing the valuation report presented by the assessee. Additionally, the Tribunal found that the assessee did not qualify for full deduction under section 54EC as the entire capital gains were not invested in eligible bonds. Consequently, the appeal was dismissed in favor of the tax authorities. en-us Tue, 28 Apr 2009 00:00:00 +0530 Thu, 06 Jun 2013 12:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121459 The Tribunal upheld the Assessing Officer's decision to adopt the Fair Market Value (FMV) of the land as on 1-4-1981, rejecting the assessee's argument to use the date of designation as a capital asset in 1994. The FMV of Rs. 1,000 per cent set by the Assessing Officer was deemed reasonable, dismissing the valuation report presented by the assessee. Additionally, the Tribunal found that the assessee did not qualify for full deduction under section 54EC as the entire capital gains were not invested in eligible bonds. Consequently, the appeal was dismissed in favor of the tax authorities. Case-Laws Income Tax Tue, 28 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121459