2014 (1) TMI 1886

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.... ORDER PER N.K.SAINI, A.M This is an appeal by the Legal Heir of the deceased-assessee against the order dated 24/09/2008 of the Ld. CIT(A)-II, Jaipur. The following grounds have been raised in this appeal:- "1. The Ld. Commissioner of Income Tax (Appeals) has erred in facts and in law in computing Long Term Capital Gain at Rs. 36,38,160/- taking the fair market value of land as o....

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....see sold his house situated at F-32, Ghiya Marg, Bani Park, Jaipur at Rs. 50 Lac. The said property was valued by the Sub-Registrar for the purpose of stamp duty at Rs. 50,07,792/-. The assessee worked out the Long Term Capital Gain at Rs. 4,006/- by taking the value of the property as on 01/04/1981 @ Rs. 1,400/- per sq. yard. The AO, however, adopted the fair market value as on 01/04/1981 at Rs. ....

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....ted at Bhawani Singh Road, Jaipur, which was sold on 24/10/1981 for a sum of Rs. 5,50,000/- with a construction which was incomplete. It was claimed that the copy of said sale deed was furnished before the authorities below. It was stated that the property of the assessee situated at Bani Park, Jaipur, was having the better location because this locality is prime residential colony of the city of ....