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2016 (3) TMI 185 - AT - Income TaxAdoption of Fair Market Value (FMV) as on 01/04/1981 - Held that:- The assessee has placed Valuation Report by an authorized valuer who has adopted the value at ₹ 28.50 sq.ft. Further, the value adopted by the AO is at ₹ 20/- per sq.ft. After considering the rival contentions and looking to the peculiarity of the facts of the present case, we are of the considered view that the value at ₹ 25/- per sq.ft. would subserve the interest of justice. Accordingly, we hereby direct the AO to adopt the cost of acquisition @ ₹ 25/- per sq.ft. and, accordingly, recompute the capital gain. - Decided partly in favour of assesse Disallowance of set off of carry forward business loss of the earlier years against the assessed income - Held that:- Respectfully following the ratio laid down by the Hon’ble Jurisdictional High Court in the case of General Motors India (P) Ltd. vs. DCIT (2012 (8) TMI 714 - GUJARAT HIGH COURT ), we hereby direct the AO to allow the set off of unabsorbed depreciation against income assessed for the year under consideration. - Decided in favour of assesse
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