https://www.taxtmi.com/caselaws?id=394209 The Tribunal directed the Assessing Officer to adopt a fair market value of &8377; 95,28,000 for a property, providing partial relief to the assessee in a case concerning long-term capital gain computation. The Tribunal emphasized the need for hypothetical market scenarios in determining fair market value, remanding the matter for a fresh assessment. It highlighted the significance of considering expert opinions, particularly the Registered Valuer's report, in property valuation matters. Additionally, the Tribunal invalidated the Commissioner's jurisdiction under Section 263 in a related case, stressing adherence to legal provisions. The final decision partially allowed the assessee's appeal, directing a reassessment of total income and interest levies based on the brother's case. en-us Fri, 14 Feb 2020 00:00:00 +0530 Sat, 04 Apr 2020 12:00:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394209 The Tribunal directed the Assessing Officer to adopt a fair market value of &8377; 95,28,000 for a property, providing partial relief to the assessee in a case concerning long-term capital gain computation. The Tribunal emphasized the need for hypothetical market scenarios in determining fair market value, remanding the matter for a fresh assessment. It highlighted the significance of considering expert opinions, particularly the Registered Valuer's report, in property valuation matters. Additionally, the Tribunal invalidated the Commissioner's jurisdiction under Section 263 in a related case, stressing adherence to legal provisions. The final decision partially allowed the assessee's appeal, directing a reassessment of total income and interest levies based on the brother's case. Case-Laws Income Tax Fri, 14 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394209