https://www.taxtmi.com/caselaws?id=335355 The Supreme Court allowed the appeal, setting aside the High Court's decision and reinstating the Income Tax Appellate Tribunal's order. The Court emphasized the importance of considering both the Assessee's declaration under the Wealth Tax Act and comparable sales data for determining the cost of acquisition in calculating capital gains under the Income-Tax Act, 1961. The Court highlighted the relevance of genuine and proven comparable sales in establishing fair market value and concluded that the High Court erred in interfering with the Tribunal's decision based on comparable sales rather than enhanced compensation under the Land Acquisition Act, 1894. en-us Thu, 24 Nov 2016 00:00:00 +0530 Tue, 31 Jan 2017 18:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335355 The Supreme Court allowed the appeal, setting aside the High Court's decision and reinstating the Income Tax Appellate Tribunal's order. The Court emphasized the importance of considering both the Assessee's declaration under the Wealth Tax Act and comparable sales data for determining the cost of acquisition in calculating capital gains under the Income-Tax Act, 1961. The Court highlighted the relevance of genuine and proven comparable sales in establishing fair market value and concluded that the High Court erred in interfering with the Tribunal's decision based on comparable sales rather than enhanced compensation under the Land Acquisition Act, 1894. Case-Laws Income Tax Thu, 24 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335355