https://www.taxtmi.com/caselaws?id=262016 The tribunal upheld the assessee's valuation of land at Rs. 110 per square yard, including solatium, for capital gains computation, rejecting the Assessing Officer's valuation at Rs. 70 per square yard. It allowed the cost of improvement claimed by the assessee, emphasizing lack of third-party evidence does not invalidate such claims for individuals. The tribunal dismissed the penalty under section 271(1)(c) due to the quantum addition dismissal, emphasizing the importance of legal precedents and individual circumstances in determining fair market value and allowable expenses. en-us Fri, 30 Jan 2015 00:00:00 +0530 Thu, 30 Jul 2015 09:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262016 The tribunal upheld the assessee's valuation of land at Rs. 110 per square yard, including solatium, for capital gains computation, rejecting the Assessing Officer's valuation at Rs. 70 per square yard. It allowed the cost of improvement claimed by the assessee, emphasizing lack of third-party evidence does not invalidate such claims for individuals. The tribunal dismissed the penalty under section 271(1)(c) due to the quantum addition dismissal, emphasizing the importance of legal precedents and individual circumstances in determining fair market value and allowable expenses. Case-Laws Income Tax Fri, 30 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262016