https://www.taxtmi.com/caselaws?id=439351 The Tribunal upheld the Ld. Commissioner's decisions in a case involving the determination of Fair Market Value (FMV) of land for Long Term Capital Gain (LTCG) calculation and the deduction of service tax while computing capital gains. The Tribunal found that the Assessing Officer failed to provide evidence against the Assessee's valuation and did not follow proper procedures for determining FMV. Additionally, the Tribunal allowed the deduction of service tax as an expense related to the transfer of property, dismissing the Revenue Department's appeal and affirming the Ld. Commissioner's decisions. en-us Tue, 20 Jun 2023 00:00:00 +0530 Thu, 22 Jun 2023 09:06:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439351 The Tribunal upheld the Ld. Commissioner's decisions in a case involving the determination of Fair Market Value (FMV) of land for Long Term Capital Gain (LTCG) calculation and the deduction of service tax while computing capital gains. The Tribunal found that the Assessing Officer failed to provide evidence against the Assessee's valuation and did not follow proper procedures for determining FMV. Additionally, the Tribunal allowed the deduction of service tax as an expense related to the transfer of property, dismissing the Revenue Department's appeal and affirming the Ld. Commissioner's decisions. Case-Laws Income Tax Tue, 20 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439351