https://www.taxtmi.com/caselaws?id=58218 The Tribunal allowed the deduction of mortgage charges from the sale consideration for computing capital gains, in line with the CIT(A)'s decision. However, the Tribunal reversed the CIT(A)'s acceptance of the assessee's valuation of the property as on 1st Jan., 1964, based on a valuation report dated 16th April, 1985. Instead, the Tribunal upheld the Revenue's claim, emphasizing that the fair market value should be based on contemporaneous evidence like Wealth-tax returns and the purchase price, not on a later valuation report. en-us Fri, 09 Jul 1993 00:00:00 +0530 Fri, 17 Dec 2010 18:39:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58218 The Tribunal allowed the deduction of mortgage charges from the sale consideration for computing capital gains, in line with the CIT(A)'s decision. However, the Tribunal reversed the CIT(A)'s acceptance of the assessee's valuation of the property as on 1st Jan., 1964, based on a valuation report dated 16th April, 1985. Instead, the Tribunal upheld the Revenue's claim, emphasizing that the fair market value should be based on contemporaneous evidence like Wealth-tax returns and the purchase price, not on a later valuation report. Case-Laws Income Tax Fri, 09 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58218