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2017 (4) TMI 775 - HC - Income TaxCalculation of the long term capital gain - Adopting / determining market value as on 1/4/1981 - Held that:- We are in complete agreement with the view taken by the learned CIT(A) as well as the learned tribunal while adopting / estimating the value of the land as on 1/4/1981 at ₹ 25/- per sq.mtr. As observed hereinabove, as such, the revenue has accepted the valuation of the land of the same village at ₹ 18/- per sq.mtr. That thereafter, considering the location advantage etc. and by giving cogent reasons when the learned CIT(A) estimated the value of the land as on 1/4/1981 at ₹ 25/- per sq.mtr. it cannot be said that the same is erroneous. The findings recorded by the learned CIT(A) confirmed by the learned tribunal are on appreciation of evidence.
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