https://www.taxtmi.com/caselaws?id=450533 The HC upheld the Tribunal's decision regarding capital gains calculation on unquoted shares. The assessee contended no capital gain arose as shares' fair market value on 01.04.1981 exceeded sale consideration. The AO erroneously excluded leasehold land value when computing share value using breakup method, despite accepting building valuation by approved valuer. The HC agreed with CIT(A) and Tribunal that leasehold land with 20+ years remaining should be included in asset valuation as the company was de facto owner. The court confirmed fair market value, not book value, determines cost of acquisition under Section 55(2)(b)(ii). No substantial question of law arose from the Tribunal's judgment. en-us Sat, 02 Mar 2024 00:00:00 +0530 Tue, 10 Jun 2025 14:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450533 The HC upheld the Tribunal's decision regarding capital gains calculation on unquoted shares. The assessee contended no capital gain arose as shares' fair market value on 01.04.1981 exceeded sale consideration. The AO erroneously excluded leasehold land value when computing share value using breakup method, despite accepting building valuation by approved valuer. The HC agreed with CIT(A) and Tribunal that leasehold land with 20+ years remaining should be included in asset valuation as the company was de facto owner. The court confirmed fair market value, not book value, determines cost of acquisition under Section 55(2)(b)(ii). No substantial question of law arose from the Tribunal's judgment. Case-Laws Income Tax Sat, 02 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450533