https://www.taxtmi.com/caselaws?id=327179 The Appellate Tribunal upheld the assessment of capital gains on the property transfer, emphasizing the importance of possession transfer at the time of the sale deed execution. The Tribunal dismissed the appeal on this ground due to discrepancies in possession transfer dates. Regarding the adoption of cost of acquisition for property valuation, the Tribunal set aside the assessing officer's valuation rate and directed reassessment of the fair market value of the property as of 01/04/1981, granting the assessee an opportunity to provide supporting evidence. The appeal was partially allowed on this ground. en-us Wed, 23 Mar 2016 00:00:00 +0530 Thu, 05 May 2016 00:49:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327179 The Appellate Tribunal upheld the assessment of capital gains on the property transfer, emphasizing the importance of possession transfer at the time of the sale deed execution. The Tribunal dismissed the appeal on this ground due to discrepancies in possession transfer dates. Regarding the adoption of cost of acquisition for property valuation, the Tribunal set aside the assessing officer's valuation rate and directed reassessment of the fair market value of the property as of 01/04/1981, granting the assessee an opportunity to provide supporting evidence. The appeal was partially allowed on this ground. Case-Laws Income Tax Wed, 23 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327179