https://www.taxtmi.com/caselaws?id=462929 The Tribunal upheld the CIT(A)'s order allowing the assessee to substitute the fair market value of leasehold land as on 01.04.1981 for capital gains computation under section 55(2)(b), rejecting the AO's contention that section 55(2)(a)(ii) disallowed such substitution for leasehold land akin to tenancy rights. The Tribunal agreed that a perpetual lease granted by the municipal corporation is equivalent to ownership and not tenancy rights. Consequently, the department's appeal was dismissed, and the capital gain was to be computed based on the market value as on 01.04.1981. en-us Wed, 24 Feb 2010 00:00:00 +0530 Fri, 25 Jul 2025 11:53:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462929 The Tribunal upheld the CIT(A)'s order allowing the assessee to substitute the fair market value of leasehold land as on 01.04.1981 for capital gains computation under section 55(2)(b), rejecting the AO's contention that section 55(2)(a)(ii) disallowed such substitution for leasehold land akin to tenancy rights. The Tribunal agreed that a perpetual lease granted by the municipal corporation is equivalent to ownership and not tenancy rights. Consequently, the department's appeal was dismissed, and the capital gain was to be computed based on the market value as on 01.04.1981. Case-Laws Income Tax Wed, 24 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462929