https://www.taxtmi.com/caselaws?id=448638 ITAT Raipur partially allowed the assessee's appeal regarding capital gains computation. The tribunal accepted fair market value of Rs. 1,20,000 for land as on 01.04.1981 based on government approved valuer's certificate, plus Rs. 45,000 for existing watchman room. However, it rejected claims for site development costs and renovation expenses for non-existent structures. For Section 54 deduction, the tribunal allowed 50% of Rs. 65 lakh investment in new residential property (Rs. 32.5 lakh) as only two of four flats were established as converted for family residence, while disallowing the remainder. en-us Tue, 23 Jan 2024 00:00:00 +0530 Thu, 25 Jan 2024 08:34:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448638 ITAT Raipur partially allowed the assessee's appeal regarding capital gains computation. The tribunal accepted fair market value of Rs. 1,20,000 for land as on 01.04.1981 based on government approved valuer's certificate, plus Rs. 45,000 for existing watchman room. However, it rejected claims for site development costs and renovation expenses for non-existent structures. For Section 54 deduction, the tribunal allowed 50% of Rs. 65 lakh investment in new residential property (Rs. 32.5 lakh) as only two of four flats were established as converted for family residence, while disallowing the remainder. Case-Laws Income Tax Tue, 23 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448638