https://www.taxtmi.com/caselaws?id=298101 Fair market value of land as on 1 April 1981 for capital gains may be fixed on a reasoned estimate where exact comparable sales are unavailable. A valuation report based on speculative commercial-development assumptions was rejected because it lacked a reliable factual foundation for an industrial plot. The appellate valuation was sustained because it drew on nearby sale instances, recognised valuation references, the developed character of the area, and a reasonable annual rate of appreciation. The Tribunal stated that immovable property valuation is not an exact science and that surrounding material can support a defensible estimate. The adopted valuation was left undisturbed and both cross-appeals failed. en-us Wed, 29 Jan 2014 00:00:00 +0530 Fri, 26 Nov 2021 16:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298101 Fair market value of land as on 1 April 1981 for capital gains may be fixed on a reasoned estimate where exact comparable sales are unavailable. A valuation report based on speculative commercial-development assumptions was rejected because it lacked a reliable factual foundation for an industrial plot. The appellate valuation was sustained because it drew on nearby sale instances, recognised valuation references, the developed character of the area, and a reasonable annual rate of appreciation. The Tribunal stated that immovable property valuation is not an exact science and that surrounding material can support a defensible estimate. The adopted valuation was left undisturbed and both cross-appeals failed. Case-Laws Income Tax Wed, 29 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298101