https://www.taxtmi.com/caselaws?id=240879 Fair market value for capital gains under the Income-tax Act must be determined under the Act itself, using the statutory meaning of price the asset would ordinarily fetch in the open market on the relevant date. Guideline value under stamp and registration laws and valuation adopted for wealth-tax purposes are not conclusive substitutes. The authorities must assess fair market value independently on proper material and relevant circumstances, including the property's location and sale history, and cannot treat the absence of an expert valuation report as decisive. en-us Mon, 25 Nov 2013 00:00:00 +0530 Fri, 13 Dec 2013 10:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240879 Fair market value for capital gains under the Income-tax Act must be determined under the Act itself, using the statutory meaning of price the asset would ordinarily fetch in the open market on the relevant date. Guideline value under stamp and registration laws and valuation adopted for wealth-tax purposes are not conclusive substitutes. The authorities must assess fair market value independently on proper material and relevant circumstances, including the property's location and sale history, and cannot treat the absence of an expert valuation report as decisive. Case-Laws Income Tax Mon, 25 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240879