2018 (3) TMI 1838

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....the Respondent : MR B S SOPARKAR(6851) COMMON ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. These appeals arise in similar background involving the same assessee. For convenience, we may record facts from Tax Appeal No.233 of 2018. The Revenue has filed this appeal challenging the judgment of the Income Tax Appellate Tribunal dated 05.05.2017 raising following questions for our consi....

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.... pertains to the assessee's capital gain tax liability. The central issue in computing such capital gain tax liability revolves around the ascertainment of the fair market value of the property as on 01.04.1981. The assessee relied on the report of the Government Approved Valuer who estimated the value of the property as on 01.04.1981 as Rs. 1950/per sq. mtr. and Rs. 1550/per sq.mtr. for two p....