https://www.taxtmi.com/caselaws?id=794889 Fair market value as at 1 April 1981 is addressed for long-term capital gains computation, with valuation requiring reconciliation of inconsistent District Valuation Officer figures, comparable sales and property characteristics; a moderated value of Rs. 350 per sq. ft. is proposed. The notes treat the registered conveyance date, rather than the earlier agreement, as determining the assessment year because possession in part performance and related statutory conditions were not established; the gains therefore fall in A.Y. 2013-14. An additional exemption claim under Section 54F may be entertained at the appellate stage, but foundational facts require examination; the matter is accordingly remitted for fresh verification. en-us Mon, 04 May 2026 00:00:00 +0530 Tue, 14 Jul 2026 08:26:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794889 Fair market value as at 1 April 1981 is addressed for long-term capital gains computation, with valuation requiring reconciliation of inconsistent District Valuation Officer figures, comparable sales and property characteristics; a moderated value of Rs. 350 per sq. ft. is proposed. The notes treat the registered conveyance date, rather than the earlier agreement, as determining the assessment year because possession in part performance and related statutory conditions were not established; the gains therefore fall in A.Y. 2013-14. An additional exemption claim under Section 54F may be entertained at the appellate stage, but foundational facts require examination; the matter is accordingly remitted for fresh verification. Case-Laws Income Tax Mon, 04 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794889