https://www.taxtmi.com/caselaws?id=245706 The Tribunal remanded the issue of deduction of Rs. 3 crores in computation of Long Term Capital Gains back to the CIT(A) for clarification on the nature of the deduction under Section 48. Regarding the determination of Fair Market Value (FMV) as on 1.4.1981, the Tribunal directed the AO to adopt an FMV of Rs. 25/- per sq. mtr., setting aside the CIT(A)'s order. The appeals by the Revenue were partly allowed for statistical purposes, and the cross objections by the assessees were partly allowed. en-us Fri, 25 Oct 2013 00:00:00 +0530 Sat, 05 Apr 2014 15:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245706 The Tribunal remanded the issue of deduction of Rs. 3 crores in computation of Long Term Capital Gains back to the CIT(A) for clarification on the nature of the deduction under Section 48. Regarding the determination of Fair Market Value (FMV) as on 1.4.1981, the Tribunal directed the AO to adopt an FMV of Rs. 25/- per sq. mtr., setting aside the CIT(A)'s order. The appeals by the Revenue were partly allowed for statistical purposes, and the cross objections by the assessees were partly allowed. Case-Laws Income Tax Fri, 25 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245706