https://www.taxtmi.com/caselaws?id=418519 The Tribunal held that the fair market value of agricultural land converted into stock-in-trade should be determined based on surrounding circumstances and not solely on guideline values. The Tribunal set aside the lower authorities' decisions and directed the Assessing Officer to refer the matter to the District Valuation Officer for accurate valuation based on factors such as sale instances, urbanization, and property valuations. The appeal by the assessee was allowed for statistical purposes. en-us Tue, 15 Feb 2022 00:00:00 +0530 Fri, 18 Feb 2022 07:34:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418519 The Tribunal held that the fair market value of agricultural land converted into stock-in-trade should be determined based on surrounding circumstances and not solely on guideline values. The Tribunal set aside the lower authorities' decisions and directed the Assessing Officer to refer the matter to the District Valuation Officer for accurate valuation based on factors such as sale instances, urbanization, and property valuations. The appeal by the assessee was allowed for statistical purposes. Case-Laws Income Tax Tue, 15 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418519