https://www.taxtmi.com/caselaws?id=37945 Under Chapter XX-A of the Income-tax Act, 1961, fair market value means the price the property would ordinarily fetch in the open market on the date of transfer, not that price reduced by incidental conveyancing expenses. Stamp duty, brokerage and solicitors' fees are therefore not deductible, though development-related outgoings may be relevant where undeveloped land is valued. The Bombay High Court also found no error in the treatment of the 801 sq. yards covered by a road, as that area had already been accounted for through development deductions. The Revenue's appeals were allowed and the matter was remanded for fresh findings on permissible development expenses and the applicability of Chapter XX-A. en-us Sat, 05 Mar 1977 00:00:00 +0530 Fri, 02 Apr 2010 12:38:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37945 Under Chapter XX-A of the Income-tax Act, 1961, fair market value means the price the property would ordinarily fetch in the open market on the date of transfer, not that price reduced by incidental conveyancing expenses. Stamp duty, brokerage and solicitors' fees are therefore not deductible, though development-related outgoings may be relevant where undeveloped land is valued. The Bombay High Court also found no error in the treatment of the 801 sq. yards covered by a road, as that area had already been accounted for through development deductions. The Revenue's appeals were allowed and the matter was remanded for fresh findings on permissible development expenses and the applicability of Chapter XX-A. Case-Laws Income Tax Sat, 05 Mar 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37945