https://www.taxtmi.com/caselaws?id=175596 The High Court dismissed the Revenue's appeal challenging the Income Tax Appellate Tribunal's order, which favored the respondent-assessee in a long term capital gains computation dispute. The case centered on determining the fair market value of a property received through a gift deed. The Court upheld the Tribunal's decision to reassess capital gains based on the valuation officer's report, rejecting lower valuation figures provided by the Sub-Registrar. The judgment underscores the need for scientifically determined fair market values and proper valuation methods in taxation matters concerning property transactions. en-us Mon, 26 Nov 2012 00:00:00 +0530 Thu, 01 Jun 2017 17:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175596 The High Court dismissed the Revenue's appeal challenging the Income Tax Appellate Tribunal's order, which favored the respondent-assessee in a long term capital gains computation dispute. The case centered on determining the fair market value of a property received through a gift deed. The Court upheld the Tribunal's decision to reassess capital gains based on the valuation officer's report, rejecting lower valuation figures provided by the Sub-Registrar. The judgment underscores the need for scientifically determined fair market values and proper valuation methods in taxation matters concerning property transactions. Case-Laws Income Tax Mon, 26 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175596