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2011 (8) TMI 656 - AT - Income TaxCapital Cain - Circle rate - fair market value vis value adopted by Registration authority - Assessee sold 1/9 share in her property measuring 33 ground - Property purchased from previous owner took FMV as 1,00,000 on 01.04.81 - Revenue argued the value of land at ₹ 15,000 on the basis of Registered authority - Held That:- Case was decided by 3 member bench and following principle was laid down - market value cannot be worked out mathematical accuracy - guideline value collected from the Sub-registrar Office need not be the market value all the time (Thulasimani Ammal (Madras High Court)) - Likewise assessee also has not stated the basis of fixing the fair market value at ₹ 1,00,000/- valuation report is not a comprehensive as it did not state the parameters on which it is possible for anybody to say that the value has been worked out on the basis of certain materials. Case refereed back
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