https://www.taxtmi.com/caselaws?id=181267 The Tribunal allowed the appeal of the assessee concerning the computation of Fair Market Value (FMV) as on 1.4.1981 for capital gain tax purposes. The Tribunal held that the assessee's adoption of FMV at Rs. 750 per square yard was reasonable based on a valuation officer's report considering the location and infrastructure. It rejected the Assessing Officer's adoption of Rs. 8 per square yard based on outdated guideline values. The Tribunal directed the Assessing Officer to compute the capital gain tax using the FMV of Rs. 750 per square yard. en-us Fri, 29 Oct 2010 00:00:00 +0530 Tue, 12 Apr 2016 11:24:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181267 The Tribunal allowed the appeal of the assessee concerning the computation of Fair Market Value (FMV) as on 1.4.1981 for capital gain tax purposes. The Tribunal held that the assessee's adoption of FMV at Rs. 750 per square yard was reasonable based on a valuation officer's report considering the location and infrastructure. It rejected the Assessing Officer's adoption of Rs. 8 per square yard based on outdated guideline values. The Tribunal directed the Assessing Officer to compute the capital gain tax using the FMV of Rs. 750 per square yard. Case-Laws Income Tax Fri, 29 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181267