https://www.taxtmi.com/caselaws?id=759033 Gujarat HC ruled against revenue in capital gains valuation dispute. Tribunal erroneously reduced land's Fair Market Value from Rs. 57,75,000 to Rs. 800 per square yard as on 01.04.1981, ignoring registered valuer's report. Court held that valuer had already properly considered leasehold rights and made appropriate deductions from total land value. Tribunal's additional deduction for assessee not being full owner was unnecessary since valuer had already accounted for capitalized lease rent value in determining Fair Market Value under Section 48. en-us Mon, 02 Sep 2024 00:00:00 +0530 Mon, 23 Sep 2024 09:10:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759033 Gujarat HC ruled against revenue in capital gains valuation dispute. Tribunal erroneously reduced land's Fair Market Value from Rs. 57,75,000 to Rs. 800 per square yard as on 01.04.1981, ignoring registered valuer's report. Court held that valuer had already properly considered leasehold rights and made appropriate deductions from total land value. Tribunal's additional deduction for assessee not being full owner was unnecessary since valuer had already accounted for capitalized lease rent value in determining Fair Market Value under Section 48. Case-Laws Income Tax Mon, 02 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759033