https://www.taxtmi.com/caselaws?id=237204 The Tribunal determined the fair market value (FMV) of the land as Rs. 3.50 lakhs per acre as of April 1, 1981, considering evidence from the Patwari's certificate, Tehsildar's report, and the principle of consistency. The appeal was partly allowed, criticizing the Assessing Officer and Commissioner of Income-tax (Appeals) for their contradictory and unsupported valuation methods, emphasizing the need for alignment with legislative intent and factual circumstances. en-us Fri, 28 Sep 2012 00:00:00 +0530 Wed, 30 Oct 2013 17:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237204 The Tribunal determined the fair market value (FMV) of the land as Rs. 3.50 lakhs per acre as of April 1, 1981, considering evidence from the Patwari's certificate, Tehsildar's report, and the principle of consistency. The appeal was partly allowed, criticizing the Assessing Officer and Commissioner of Income-tax (Appeals) for their contradictory and unsupported valuation methods, emphasizing the need for alignment with legislative intent and factual circumstances. Case-Laws Income Tax Fri, 28 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237204