https://www.taxtmi.com/caselaws?id=220826 The Tribunal held that the cost of acquisition of leasehold land should be based on the fair market value as of 1.4.1981, valuing the leasehold rights at Rs. 800 per square yard. The AO was directed to calculate long-term capital gain using this valuation, allowing the indexed cost of acquisition. The appeal of the assessee was partly allowed, emphasizing the importance of determining fair market value for leasehold rights in land. en-us Fri, 04 Jan 2013 00:00:00 +0530 Sat, 09 Feb 2013 12:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220826 The Tribunal held that the cost of acquisition of leasehold land should be based on the fair market value as of 1.4.1981, valuing the leasehold rights at Rs. 800 per square yard. The AO was directed to calculate long-term capital gain using this valuation, allowing the indexed cost of acquisition. The appeal of the assessee was partly allowed, emphasizing the importance of determining fair market value for leasehold rights in land. Case-Laws Income Tax Fri, 04 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220826