https://www.taxtmi.com/caselaws?id=339253 The High Court directed a fresh hearing for the determination of Fair Market Value (FMV) of a property as of 01-04-1981, without relying solely on SRO rates. Ultimately, the Tribunal adopted an FMV of Rs. 2,841 per sq. yard using a reverse indexation method. The reopening of assessment proceedings was upheld, and the Tribunal rejected the assessee's petition. It was noted that SRO rates may not reflect true market value, emphasizing the need for other methods if comparable transactions are unavailable. The Tribunal directed the AO to consider more comparable sales or consult the Departmental Valuation Officer for a more accurate FMV determination. en-us Fri, 30 Dec 2016 00:00:00 +0530 Wed, 22 Feb 2017 18:11:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339253 The High Court directed a fresh hearing for the determination of Fair Market Value (FMV) of a property as of 01-04-1981, without relying solely on SRO rates. Ultimately, the Tribunal adopted an FMV of Rs. 2,841 per sq. yard using a reverse indexation method. The reopening of assessment proceedings was upheld, and the Tribunal rejected the assessee's petition. It was noted that SRO rates may not reflect true market value, emphasizing the need for other methods if comparable transactions are unavailable. The Tribunal directed the AO to consider more comparable sales or consult the Departmental Valuation Officer for a more accurate FMV determination. Case-Laws Income Tax Fri, 30 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339253