https://www.taxtmi.com/caselaws?id=179286 For capital gains computation, fair market value as on 1 April 1981 should be determined on a realistic comparison of comparable properties and surrounding circumstances, especially where the land has municipal location and development potential. In a development agreement, transfer is treated as occurring when effective control and possession pass to the developer, even if the conveyance deed is executed later, making the agreement date relevant for taxability. Claims for unabsorbed depreciation require factual verification, while current year business-loss set-off must be supported by evidence and return filing; unsupported claims may be rejected. en-us Mon, 06 Sep 2010 00:00:00 +0530 Thu, 25 Feb 2016 12:54:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179286 For capital gains computation, fair market value as on 1 April 1981 should be determined on a realistic comparison of comparable properties and surrounding circumstances, especially where the land has municipal location and development potential. In a development agreement, transfer is treated as occurring when effective control and possession pass to the developer, even if the conveyance deed is executed later, making the agreement date relevant for taxability. Claims for unabsorbed depreciation require factual verification, while current year business-loss set-off must be supported by evidence and return filing; unsupported claims may be rejected. Case-Laws Income Tax Mon, 06 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179286