https://www.taxtmi.com/caselaws?id=438607 For capital gains computation, a property under ongoing Urban Land (Ceiling and Regulation) Act proceedings and pending litigation was held not to have a free-market value reflected by the section 50C valuation. Because possession issues, eviction proceedings, and the encumbered character of the land materially depressed its realizable worth, the Tribunal found that the deeming fiction in section 50C could not be applied mechanically. The actual sale consideration was directed to be adopted as the proper basis for computing capital gains, and the DVO's higher valuation was rejected. en-us Thu, 01 Jun 2023 00:00:00 +0530 Mon, 05 Jun 2023 08:32:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438607 For capital gains computation, a property under ongoing Urban Land (Ceiling and Regulation) Act proceedings and pending litigation was held not to have a free-market value reflected by the section 50C valuation. Because possession issues, eviction proceedings, and the encumbered character of the land materially depressed its realizable worth, the Tribunal found that the deeming fiction in section 50C could not be applied mechanically. The actual sale consideration was directed to be adopted as the proper basis for computing capital gains, and the DVO's higher valuation was rejected. Case-Laws Income Tax Thu, 01 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438607