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2022 (7) TMI 739 - AT - Income TaxLTCG computation - Change in land use of the property in question - adoption of fair market value Rs. 60/-per sq. mtr as on 01.04.1981 of the land sold - HELD THAT:- We do not find any merit into the objection of the assessee that the land in question being agricultural land cannot be treated as capital asset. The sale-deed itself goes to demonstrate that what was being transferred was an industrial land. Therefore, there is no ambiguity on these facts. The objection of the assessee that land was an agricultural land is devoid of merit, hence, rejected. The case laws as relied by the assessee are distinguishable on the facts of the present case. Thus, ground nos. 1 & 3 of appeal are dismissed. Adoption of indexed cost of acquisition - The assessee has filed circle notified rates of the area. It would be in the interest of justice to set aside this issue for verification. Therefore, the impugned order is hereby set aside on the issue of computation of indexed cost of acquisition as on 01.04.1981. The Assessing Officer would verify the cost of acquisition as on 01.04.1981 from State land revenue authorities and re-compute the indexed cost of acquisition as per the circle rates. Needless to say that Assessing officer would provide adequate opportunity of hearing to the assessee in this regard. Ground no. 2 of assessee’s appeal is allowed for statistical purpose.
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