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2018 (12) TMI 564 - AT - Income TaxCapital gain computation - FMV determination - Evasion of stamp duty upon transfer deeds - determination of market value for acquisition - methods of valuation to be adopted in ascertaining the market value of the land on the date of the notification under section 4(1) Held that:- In arriving at a reasonably correct market value, it maybe necessary to take even two or all of those methods into account inasmuch as the exact valuation is not always possible as no two lands may be the same either in respect of the situation or the extent or the potentiality nor is it possible in all cases to have reliable material from which that valuation can be accurately determined. See Special Land Acquisition Officer v. T. Adinarayan Setty [1958 (11) TMI 33 - SUPREME COURT] Likewise Hon’ble Jurisdictional High Court in the case of CIT Vs. J.Chelladurai (2011 (12) TMI 41 - MADRAS HIGH COURT) observed that no useful purpose would be served to remand the matter and further observed it would be reasonable to fix market value of the land by averaging value given by the assessee and the assessing officer as on 01.04.1981. Under these observations from Hon’ble High Courts including from Hon’ble Apex Court, we deem it appropriate to adopt the value as suggested from both sides - it will meet the ends of justice, if the fair market value of the property is adopted at ₹ 3,50,000/- as against ₹ 5,00,000/-, per ground, as on 01.04.1981,suggested by the ld.Counsel for the assessee and ₹ 50,000/-,per ground, adopted by the ld.CIT(A). Thus, the appeal of the assessee is partly allowed.
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