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2010 (1) TMI 739 - BOMBAY HIGH COURTCapital gains on sale of Land- Acquisition of Land & Building in 1948- Land having insignificant value at time of acquisition- Cost of acquisition to be taken or fair market value as on 1st April, 1981- Held that:-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. Decided in favor of the assessee.
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