https://www.taxtmi.com/caselaws?id=383746 The High Court upheld the initial valuation method for computing Long Term Capital Gains, emphasizing consistency with the valuation under the Wealth Tax Act. The Court rejected the appellant's argument to consider a post-valuation notification impacting the property's valuation. Acknowledging the disparity between valuations under the Wealth Tax and Income Tax Acts, the Court directed a reassessment based on the Wealth Tax Assessment values for uniformity. The appeal was partially allowed, remanding the matter for the Assessing Officer to recalculate the capital gain in accordance with the specified valuations. en-us Mon, 08 Jul 2019 00:00:00 +0530 Tue, 30 Jul 2019 07:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383746 The High Court upheld the initial valuation method for computing Long Term Capital Gains, emphasizing consistency with the valuation under the Wealth Tax Act. The Court rejected the appellant's argument to consider a post-valuation notification impacting the property's valuation. Acknowledging the disparity between valuations under the Wealth Tax and Income Tax Acts, the Court directed a reassessment based on the Wealth Tax Assessment values for uniformity. The appeal was partially allowed, remanding the matter for the Assessing Officer to recalculate the capital gain in accordance with the specified valuations. Case-Laws Income Tax Mon, 08 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383746