https://www.taxtmi.com/caselaws?id=760322 The ITAT partially allowed the appeal concerning the addition under section 50C of the Income Tax Act. The tribunal upheld the fair market value at the time of sale as Rs. 7,50,15,600, based on another assessee's case, but directed the cost of acquisition as of 01.04.1981 to be Rs. 1,51,94,000, per the registered valuer's estimate. The AO was instructed to recompute the capital gains accordingly, resulting in a partial allowance of the appeal. en-us Tue, 24 Sep 2024 00:00:00 +0530 Sat, 19 Oct 2024 08:28:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760322 The ITAT partially allowed the appeal concerning the addition under section 50C of the Income Tax Act. The tribunal upheld the fair market value at the time of sale as Rs. 7,50,15,600, based on another assessee's case, but directed the cost of acquisition as of 01.04.1981 to be Rs. 1,51,94,000, per the registered valuer's estimate. The AO was instructed to recompute the capital gains accordingly, resulting in a partial allowance of the appeal. Case-Laws Income Tax Tue, 24 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760322