Market Value of Land at Allotment Date Used for Capital Gains on Flat Sale from Tenancy Rights Surrender.

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Full Text of the Document

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....Sale of flat acquired by her in lieu of surrender of tenancy rights - working out the taxable gains the assessee - AO treated the cost if acquisition as NIL - market value of the plot of land on the date of allotment shall be the cost of acquisition for the purpose of computing capital gains - AT....