https://www.taxtmi.com/caselaws?id=217340 For capital gains on the J.P. Nagar property, the assessee could adopt the fair market value as on 01.04.1981 and claim indexation from that date because prior allotment and possession brought the transaction within the transfer framework recognised by section 2(47); the Revenue's challenge failed. For the Aga Abba Ali Road property, the joint development agreement governed the consideration, and the developer's actual construction cost was not the correct basis for computation; the Revenue's challenge again failed. Exemption under section 54 was unavailable because the residential structure had already been demolished and the transfer related to vacant land; relief, if any, lay under section 54F, so this claim failed. en-us Tue, 28 Aug 2012 00:00:00 +0530 Tue, 12 May 2015 11:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217340 For capital gains on the J.P. Nagar property, the assessee could adopt the fair market value as on 01.04.1981 and claim indexation from that date because prior allotment and possession brought the transaction within the transfer framework recognised by section 2(47); the Revenue's challenge failed. For the Aga Abba Ali Road property, the joint development agreement governed the consideration, and the developer's actual construction cost was not the correct basis for computation; the Revenue's challenge again failed. Exemption under section 54 was unavailable because the residential structure had already been demolished and the transfer related to vacant land; relief, if any, lay under section 54F, so this claim failed. Case-Laws Income Tax Tue, 28 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217340