https://www.taxtmi.com/caselaws?id=284933 The Tribunal ruled in favor of the assessees, directing the Assessing Officer to compute capital gains based on the actual sale consideration of Rs. 4,79,00,000 for a property co-owned by the assessees. The Tribunal emphasized the importance of the registered sale deed and the compromise decree by Lok Adalat in determining the fair market value, rejecting the Departmental Valuation Officer's valuation and adjustments made by the CIT(A) as opinions rather than facts. The assessees were not bound by concessions made during assessment proceedings, and the tax liability should be determined based on actual sale consideration. en-us Fri, 07 Mar 2014 00:00:00 +0530 Wed, 18 Dec 2019 10:01:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284933 The Tribunal ruled in favor of the assessees, directing the Assessing Officer to compute capital gains based on the actual sale consideration of Rs. 4,79,00,000 for a property co-owned by the assessees. The Tribunal emphasized the importance of the registered sale deed and the compromise decree by Lok Adalat in determining the fair market value, rejecting the Departmental Valuation Officer's valuation and adjustments made by the CIT(A) as opinions rather than facts. The assessees were not bound by concessions made during assessment proceedings, and the tax liability should be determined based on actual sale consideration. Case-Laws Income Tax Fri, 07 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284933