https://www.taxtmi.com/caselaws?id=424226 The Tribunal allowed the appeal, condoning the delay in filing and directing the adoption of the Fair Market Value (FMV) of Rs. 607 per sq. meter for computing long-term capital gains. Emphasizing substantial justice, the Tribunal rejected the Revenue's objection of mala fide intention and preferred the assessee's valuation method over the Valuation Officer's assessment, considering the property's prime location and specific advantages. The decision aligned with past precedents and the need to interpret "sufficient cause" liberally to advance justice, resulting in a partial victory for the assessee. en-us Mon, 20 Jun 2022 00:00:00 +0530 Fri, 24 Jun 2022 08:38:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424226 The Tribunal allowed the appeal, condoning the delay in filing and directing the adoption of the Fair Market Value (FMV) of Rs. 607 per sq. meter for computing long-term capital gains. Emphasizing substantial justice, the Tribunal rejected the Revenue's objection of mala fide intention and preferred the assessee's valuation method over the Valuation Officer's assessment, considering the property's prime location and specific advantages. The decision aligned with past precedents and the need to interpret "sufficient cause" liberally to advance justice, resulting in a partial victory for the assessee. Case-Laws Income Tax Mon, 20 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424226