Taxpayer Allowed to Use 1981 Fair Market Value for Capital Gains on 1948 Property u/s 55(2)(b)(1.

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Full Text of the Document

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....Capital gains on sale of Land- Acquisition of Land & Building in 1948- -In terms of Section 55(2)(b)(1) the assessee had an option to adopt fair market value as on 1st April, 1981, since the asset was acquired before that date, as its cost of acquisition and to adjust it by the capital gains indexation factor. It is a statutory right which could not be declined to the assessee..... - HC....