https://www.taxtmi.com/caselaws?id=769910 ITAT Chandigarh ruled in favor of the assessee on long-term capital gains computation. The tribunal directed the AO to adopt fair market value based on open auction data from nearby village rather than private sale deed from distant village, following precedent that identical properties should have consistent valuations. Regarding Section 54B deduction, the tribunal partially allowed the claim - permitting deduction for agricultural land purchased in assessee's name (Rs 1,12,82,000) but denying deduction for land purchased in wife's name (Rs 36,70,000), as law prohibits claiming Section 54B benefits for property acquired in spouse's name. en-us Tue, 03 Dec 2024 00:00:00 +0530 Sat, 03 May 2025 13:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769910 ITAT Chandigarh ruled in favor of the assessee on long-term capital gains computation. The tribunal directed the AO to adopt fair market value based on open auction data from nearby village rather than private sale deed from distant village, following precedent that identical properties should have consistent valuations. Regarding Section 54B deduction, the tribunal partially allowed the claim - permitting deduction for agricultural land purchased in assessee's name (Rs 1,12,82,000) but denying deduction for land purchased in wife's name (Rs 36,70,000), as law prohibits claiming Section 54B benefits for property acquired in spouse's name. Case-Laws Income Tax Tue, 03 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769910