https://www.taxtmi.com/caselaws?id=398445 In rectifying its earlier order under section 254(2), the ITAT Jaipur held that common portions in the building could not be added to the area of office units actually sold for computing fair market value unless the sale deed so provided. The area stated in the sale deed was the actual area sold, while common area could be considered only as a positive valuation factor because it supported ingress, egress and common use. The fair market value was therefore required to be recomputed on the basis of the actual sold area, with common area affecting valuation but not treated as part of the sale area. This gave partial relief to the assessee. en-us Tue, 07 Jul 2020 00:00:00 +0530 Wed, 16 Sep 2020 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398445 In rectifying its earlier order under section 254(2), the ITAT Jaipur held that common portions in the building could not be added to the area of office units actually sold for computing fair market value unless the sale deed so provided. The area stated in the sale deed was the actual area sold, while common area could be considered only as a positive valuation factor because it supported ingress, egress and common use. The fair market value was therefore required to be recomputed on the basis of the actual sold area, with common area affecting valuation but not treated as part of the sale area. This gave partial relief to the assessee. Case-Laws Income Tax Tue, 07 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398445