https://www.taxtmi.com/caselaws?id=470621 Fair market value as on 1 April 1981 for indexed cost computation under section 50C should be supported by comparable sales and relevant land-value factors, including location, size, utility and future potential. The notes state that adopting a lower rate despite comparable instances and assessee valuation reports indicating higher values was arbitrary and inadequately supported. They conclude that the value of both properties should be adopted at Rs.80 per square metre for computing indexed cost of acquisition and taxable long-term capital gains. en-us Mon, 08 May 2023 00:00:00 +0530 Mon, 03 Aug 2026 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470621 Fair market value as on 1 April 1981 for indexed cost computation under section 50C should be supported by comparable sales and relevant land-value factors, including location, size, utility and future potential. The notes state that adopting a lower rate despite comparable instances and assessee valuation reports indicating higher values was arbitrary and inadequately supported. They conclude that the value of both properties should be adopted at Rs.80 per square metre for computing indexed cost of acquisition and taxable long-term capital gains. Case-Laws Income Tax Mon, 08 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470621