https://www.taxtmi.com/caselaws?id=248106 The case centered on determining the fair market value (FMV) of land for capital gain computation. The Commissioner of Income Tax (Appeals) directed acceptance of the FMV at Rs.135 per square yard, rejecting the Assessing Officer's arbitrary valuation of Rs.22 per square yard. The use of circle rates for land outside urban limits was deemed valid, supported by information obtained under the Right to Information Act. The tribunal upheld the FMV decision, emphasizing the relevance of obtained information and dismissed the revenue's appeal, stressing the need for proper documentation and compliance with legal procedures in tax assessments. en-us Fri, 16 May 2014 00:00:00 +0530 Mon, 02 Jun 2014 12:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248106 The case centered on determining the fair market value (FMV) of land for capital gain computation. The Commissioner of Income Tax (Appeals) directed acceptance of the FMV at Rs.135 per square yard, rejecting the Assessing Officer's arbitrary valuation of Rs.22 per square yard. The use of circle rates for land outside urban limits was deemed valid, supported by information obtained under the Right to Information Act. The tribunal upheld the FMV decision, emphasizing the relevance of obtained information and dismissed the revenue's appeal, stressing the need for proper documentation and compliance with legal procedures in tax assessments. Case-Laws Income Tax Fri, 16 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248106