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2019 (2) TMI 290 - AT - Income TaxCapital gain - whether the assessee is liable for capital gain on sale of land at Olavakkode? - whether the fair market value fixed as on 01.04.1991 at 269 per cent is correct? - Held that:- The Hon’ble High Court of Kerala in assessee’s own case for assessment year 1991-1992 had held that the assessee was liable for capital gains in respect of sale of land at Olavakkode. The relevant finding of the Hon’ble High Court has been extracted at para 8 of the CIT(A)’s order, hence the same is not reiterated here. In view of the decision of the Hon’ble jurisdictional High Court rejecting the assessee’s claim that it cannot be liable for capital gains as it had acquired this property free of cost, is rejected. Fair market value as on 01.04.1981 adopted at ₹ 269 per cent of land - assessee had claimed the fair market value as on 01.04.1981 at substantially higher, which was rejected by the A.O. and by the CIT(A) - Held that:- We have heard the rival submissions and perused the material on record. The assessee has not produced any evidence / material to prove that the fair market value as on 01.04.1981 is more than ₹ 269 per cent adopted by the A.O. Hence, we confirm the fair market value as on 01.04.1981 at ₹ 269 per cent. Hence, this issue is decided against the assessee.
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