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2014 (9) TMI 758 - MADRAS HIGH COURTComputation of capital gains - Adoption of fair market value as on 1.4.1981 – Documentary evidences considered or not – Held that:- The assessee apparently is stretching his claim further and has chosen to file these appeals, which cannot be held as justified - There is absolutely no basis for the claim made by the assessee for determining the fair market value - The documents produced before the AO clearly shows that the guideline value as on 01.04.1981 is ₹ 300/- per cent; before the CIT(A), the document of the year 1984 was submitted and based on that the CIT(A) fixed the fair market value at ₹ 1,200 per cent - The Tribunal has fixed the same at ₹ 5,000/- per cent, however, without any discussion - the document dated 14.2.1984 in respect of S.F.No.165/1 at Kurichi Village correctly shows the fair market value at ₹ 8,393/- and the Tribunal after allowing certain deductions for the three year period, i.e. the difference between the date of acquisition by the assessee, namely, 02.02.1981 and till the date of the noted document, to come to a conclusion that ₹ 5,000/- should be fair market price – the determination by the Tribunal does not warrant any further modification or interference – thus, no substantial question of law arises for consideration – Decided against assessee.
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