https://www.taxtmi.com/caselaws?id=57657 The Tribunal allowed the appeal, directing a re-computation of capital gains based on the actual sale price of Rs. 58,000, as determined by the AAC. The judgment emphasizes the importance of establishing the fair market value of a property for accurate capital gains assessment under section 52(2) of the IT Act, 1961, and the necessity of concrete evidence and procedural adherence in valuation exercises by tax authorities. The decision showcases the significance of consistency and legal soundness in tax assessments, providing clarity on the legal interpretation of consideration paid in transactions and the need for factual accuracy in tax assessments. en-us Sat, 06 Mar 1976 00:00:00 +0530 Sat, 11 Dec 2010 13:39:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57657 The Tribunal allowed the appeal, directing a re-computation of capital gains based on the actual sale price of Rs. 58,000, as determined by the AAC. The judgment emphasizes the importance of establishing the fair market value of a property for accurate capital gains assessment under section 52(2) of the IT Act, 1961, and the necessity of concrete evidence and procedural adherence in valuation exercises by tax authorities. The decision showcases the significance of consistency and legal soundness in tax assessments, providing clarity on the legal interpretation of consideration paid in transactions and the need for factual accuracy in tax assessments. Case-Laws Income Tax Sat, 06 Mar 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57657