https://www.taxtmi.com/caselaws?id=375497 The Tribunal affirmed the CIT(A)'s decision that the fair market value (FMV) of the property should be taken as on the date of the agreement to sell (14.08.2007) for the purposes of Section 50C of the IT Act. The Tribunal held that the provisions of Section 50C are applicable as on the date of the agreement to sell, emphasizing the significance of this date in determining the FMV for capital gains computation. The Revenue's appeal was dismissed, directing the Assessing Officer to adopt the FMV as on the date of the Memorandum of Understanding. en-us Tue, 20 Nov 2018 00:00:00 +0530 Tue, 19 Feb 2019 15:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375497 The Tribunal affirmed the CIT(A)'s decision that the fair market value (FMV) of the property should be taken as on the date of the agreement to sell (14.08.2007) for the purposes of Section 50C of the IT Act. The Tribunal held that the provisions of Section 50C are applicable as on the date of the agreement to sell, emphasizing the significance of this date in determining the FMV for capital gains computation. The Revenue's appeal was dismissed, directing the Assessing Officer to adopt the FMV as on the date of the Memorandum of Understanding. Case-Laws Income Tax Tue, 20 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375497