https://www.taxtmi.com/caselaws?id=376966 Guideline value is not conclusive of market value for capital gains; valuation must reflect the property's location, accessibility, development potential and comparable material, so the higher claimed value was accepted on the facts. The claim for exemption under Section 54F required fresh examination because the record did not clearly show whether the expenditure was for renovation, improvement or new construction, and the issue was remitted. Deduction of loan repayment and interest paid to REPCO Bank also required reconsideration because the purpose of the original borrowing was not established. Mere execution of a power of attorney does not by itself amount to transfer of immovable property for long-term capital gains; actual transfer and possession had to be verified, so that issue was also remitted. en-us Thu, 07 Mar 2019 00:00:00 +0530 Mon, 18 Mar 2019 15:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376966 Guideline value is not conclusive of market value for capital gains; valuation must reflect the property's location, accessibility, development potential and comparable material, so the higher claimed value was accepted on the facts. The claim for exemption under Section 54F required fresh examination because the record did not clearly show whether the expenditure was for renovation, improvement or new construction, and the issue was remitted. Deduction of loan repayment and interest paid to REPCO Bank also required reconsideration because the purpose of the original borrowing was not established. Mere execution of a power of attorney does not by itself amount to transfer of immovable property for long-term capital gains; actual transfer and possession had to be verified, so that issue was also remitted. Case-Laws Income Tax Thu, 07 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376966