https://www.taxtmi.com/caselaws?id=219406 Bombay HC ruled in favor of assessee on three issues. First, capital gains tax was computed on actual Rs.6 crores received by assessee from inherited property sale, not deemed Rs.7 crores suggested by AO based on equal distribution theory between brothers. Second, fair market value determination by registered IT Department valuer (Rs.47.74 lacs) was accepted over generalized Nabhi's Guide for cost of acquisition. Third, Section 54 exemption was allowed for purchase of two interconnected flats treated as single residential unit per society certificate. en-us Tue, 27 Nov 2012 00:00:00 +0530 Fri, 30 May 2025 17:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219406 Bombay HC ruled in favor of assessee on three issues. First, capital gains tax was computed on actual Rs.6 crores received by assessee from inherited property sale, not deemed Rs.7 crores suggested by AO based on equal distribution theory between brothers. Second, fair market value determination by registered IT Department valuer (Rs.47.74 lacs) was accepted over generalized Nabhi's Guide for cost of acquisition. Third, Section 54 exemption was allowed for purchase of two interconnected flats treated as single residential unit per society certificate. Case-Laws Income Tax Tue, 27 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219406