https://www.taxtmi.com/highlights?id=81618 Determination of fair market value of leasehold land as on 01.04.1981 for computing long-term capital gains. The Tribunal, considering the valuation report, valued the leasehold rights at Rs. 800/- per square yard instead of Rs. 1,200/- considered by the valuer. The High Court held that the Tribunal erred in estimating the value at Rs. 800/- per square yard, as the registered valuer had already deducted the capitalized value of lease rent from the total fair market value to arrive at Rs. 57,75,000/- as the valuation after considering the leasehold rights. The Court ruled that Section 55(2)(a)(ii) would not apply, and the cost of acquisition should be determined u/s 48 as on 01.04.1981, considering the leasehold rights. The decision went against the revenue authorities. en-us Mon, 23 Sep 2024 09:10:19 +0530 Mon, 23 Sep 2024 09:10:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=81618 Determination of fair market value of leasehold land as on 01.04.1981 for computing long-term capital gains. The Tribunal, considering the valuation report, valued the leasehold rights at Rs. 800/- per square yard instead of Rs. 1,200/- considered by the valuer. The High Court held that the Tribunal erred in estimating the value at Rs. 800/- per square yard, as the registered valuer had already deducted the capitalized value of lease rent from the total fair market value to arrive at Rs. 57,75,000/- as the valuation after considering the leasehold rights. The Court ruled that Section 55(2)(a)(ii) would not apply, and the cost of acquisition should be determined u/s 48 as on 01.04.1981, considering the leasehold rights. The decision went against the revenue authorities. Highlights Income Tax Mon, 23 Sep 2024 09:10:19 +0530 https://www.taxtmi.com/highlights?id=81618