https://www.taxtmi.com/caselaws?id=360706 The High Court affirmed the Tribunal's decision to consider the fair market value of the land at Rs. 120 per sq.mtr as on 01.04.1981 for calculating long term capital gain tax. The Court emphasized the importance of situational advantages and factors like proximity and characteristics in determining the value of immovable properties. It dismissed the Tax Appeal, noting that the Assessing Officer's valuation based solely on sale instances from a different village did not adequately consider the unique advantages of the assessee's land situated on a highway. en-us Tue, 17 Apr 2018 00:00:00 +0530 Mon, 21 May 2018 13:42:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360706 The High Court affirmed the Tribunal's decision to consider the fair market value of the land at Rs. 120 per sq.mtr as on 01.04.1981 for calculating long term capital gain tax. The Court emphasized the importance of situational advantages and factors like proximity and characteristics in determining the value of immovable properties. It dismissed the Tax Appeal, noting that the Assessing Officer's valuation based solely on sale instances from a different village did not adequately consider the unique advantages of the assessee's land situated on a highway. Case-Laws Income Tax Tue, 17 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360706