https://www.taxtmi.com/caselaws?id=8421 Capital gains valuation depends on transfer value, cost of acquisition, and, where the assessee elects 1 January 1954, the fair market value on that date, being the price a willing buyer would pay in the open market. The valuation report relied on by the assessee was rejected because it rested on assumptions about realisation rather than market value, used dissimilar comparable transactions, and lacked a cogent basis for the increase adopted. The Tribunal could rely on the assessee's own wealth-tax valuation, comparable Calcutta sales, and judicial notice of the rise in land values. The finding was supported by material and not mere speculation. en-us Mon, 27 Jul 1970 00:00:00 +0530 Wed, 15 Apr 2009 10:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8421 Capital gains valuation depends on transfer value, cost of acquisition, and, where the assessee elects 1 January 1954, the fair market value on that date, being the price a willing buyer would pay in the open market. The valuation report relied on by the assessee was rejected because it rested on assumptions about realisation rather than market value, used dissimilar comparable transactions, and lacked a cogent basis for the increase adopted. The Tribunal could rely on the assessee's own wealth-tax valuation, comparable Calcutta sales, and judicial notice of the rise in land values. The finding was supported by material and not mere speculation. Case-Laws Income Tax Mon, 27 Jul 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8421