https://www.taxtmi.com/caselaws?id=215186 The Appellate Tribunal ITAT Pune set aside the Commissioner's decision to enhance the capital gain assessment, disagreeing with the proposed rate of Rs.125 per sq.mtr. for determining the cost of acquisition. The Tribunal ruled in favor of the assessee, holding that the adopted rate of Rs.344.28 per sq.mtr. was appropriate, considering the entire land area's fair market value as on 01/04/1981. Additionally, the Tribunal overturned the Commissioner's revisionary order under Section 263 of the Income-tax Act, 1961, concluding that the assessee's cost of acquisition was not erroneous, thereby restoring the Assessing Officer's decision. en-us Fri, 25 May 2012 00:00:00 +0530 Fri, 27 Jul 2012 06:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215186 The Appellate Tribunal ITAT Pune set aside the Commissioner's decision to enhance the capital gain assessment, disagreeing with the proposed rate of Rs.125 per sq.mtr. for determining the cost of acquisition. The Tribunal ruled in favor of the assessee, holding that the adopted rate of Rs.344.28 per sq.mtr. was appropriate, considering the entire land area's fair market value as on 01/04/1981. Additionally, the Tribunal overturned the Commissioner's revisionary order under Section 263 of the Income-tax Act, 1961, concluding that the assessee's cost of acquisition was not erroneous, thereby restoring the Assessing Officer's decision. Case-Laws Income Tax Fri, 25 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215186