https://www.taxtmi.com/caselaws?id=185548 The High Court ruled in favor of the revenue and against the assessee in a capital gains determination case under section 256(2) of the Income-tax Act. The Court upheld the assessment based on the actual sale price of the property at 32.5 lakhs, rejecting the lower declared amount of 18 lakhs. Additionally, the Court set aside the Tribunal's valuation of the property at 2 lakhs as of 1-4-1981, directing a reassessment considering the property's original purchase price and current market values. The Tribunal was instructed to reevaluate the market value within three months from the judgment date. en-us Wed, 16 Jan 2008 00:00:00 +0530 Fri, 19 Aug 2016 11:53:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185548 The High Court ruled in favor of the revenue and against the assessee in a capital gains determination case under section 256(2) of the Income-tax Act. The Court upheld the assessment based on the actual sale price of the property at 32.5 lakhs, rejecting the lower declared amount of 18 lakhs. Additionally, the Court set aside the Tribunal's valuation of the property at 2 lakhs as of 1-4-1981, directing a reassessment considering the property's original purchase price and current market values. The Tribunal was instructed to reevaluate the market value within three months from the judgment date. Case-Laws Income Tax Wed, 16 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185548