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2020 (8) TMI 186 - AT - Income TaxCapital gain computation - Cost of acquisition of assessee’s capital asset acquired way back in the year 1957 and sold on 26.02.2012 - HELD THAT:- Neither of the two parties have been able to justify their valuations i.e., exact location and on sale consideration basis; respectively. We therefore are of the view that neither party’s stand deserves to be accepted in entirety. We thus conclude that a lump sum cost of acquisition on estimation basis of ₹ 3,00,000/- w.e.f. 01.04.1981 by adopting rule of thumb would meet the ends of justice. Both parties get part relief in same terms. Necessary computation including that of interest shall follow as per law keeping in mind hon'ble jurisdictional high court’s decision in Ajay Prakash Verma vs. ITO [2013 (1) TMI 140 - JHARKHAND HIGH COURT].
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