2012 (11) TMI 1098

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....nder Section 260-A of the Income-tax Act, 1961 (for short 'the Act') assailing the order of the Income Tax Appellate Tribunal, Hyderabad 'A' Bench (for short 'the Tribunal') dated 29-10-2010 allowing ITA No. 107/Hyd/2010 preferred by the respondent-assessee. 2. The assessee received under a registered gift deed, dated 24-1-2006 the property admeasuring 8091 sq. yards at ....

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....rtificate obtained from the Sub-Registrar that the fair market value of the property in question as on 1-4-1981 was at Rs. 8/- per sq. yard), rejected the assessee's claim as to the fair market value as on 1-4-1981 being Rs. 750/- per sq. yard and determined the capital gain at Rs. 5,55,08,302/-. The assessee unsuccessfully preferred an appeal, which was rejected by the Commissioner (Appeals),....

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....estimate the fair market value as on 1-4-1981 on the basis of the valuation officer's report, which was arrived at by the reverse indexation method. Consequently the Tribunal ruled as a question of fact that the property would fetch Rs. 750/- per sq. yard if sold in the open market as on 1-4-1981; that the assessee had reasonably estimated the fair market value as on 1-4-1981 at Rs. 750/- per ....