https://www.taxtmi.com/caselaws?id=163319 The High Court allowed the appeal to assess capital gains based on the actual sale price of Rs. 71 lakhs, rejecting the reliance on the retracted statement by the purchaser and emphasizing the importance of the initial statement under section 132(4) supported by subsequent actions. The court directed reassessment on other unresolved issues, ensuring a comprehensive review of the case, including determining the base-year market value of the land and contesting the quantum assessment. en-us Fri, 28 Mar 2008 00:00:00 +0530 Wed, 10 Dec 2014 11:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=163319 The High Court allowed the appeal to assess capital gains based on the actual sale price of Rs. 71 lakhs, rejecting the reliance on the retracted statement by the purchaser and emphasizing the importance of the initial statement under section 132(4) supported by subsequent actions. The court directed reassessment on other unresolved issues, ensuring a comprehensive review of the case, including determining the base-year market value of the land and contesting the quantum assessment. Case-Laws Income Tax Fri, 28 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=163319