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2016 (11) TMI 1373 - SUPREME COURT

2016 (11) TMI 1373 - SUPREME COURT - TMI - Income-tax on capital gains accruing from land acquisition compensation and sale of land - how the cost of acquisition is to be worked out for the purposes of deduction of such cost from the receipts so as to arrive at the correct quantum of capital gains exigible to tax? - tribunal thought it proper to determine the cost of acquisition at ₹ 50/- per square yard reversed by HC - Held that:- A declaration in the return filed by the Assessee under t .....

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, if otherwise genuine and proved, cannot be shunted out from the process of consideration of relevant materials. The same had been taken into account by the learned Tribunal which is the last fact finding authority under the Act. Unless such cognizance was palpably incorrect and, therefore, perverse, the High Court should not have interfered with the order of the Tribunal. The order of the High Court overlooks the aforesaid severe limitation on the exercise of jurisdiction under Section 260A of .....

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t of acquisition by the learned Tribunal was on the basis of the comparable sales and not the compensation awarded under the Land Acquisition Act, 1894 (the order awarding higher compensation was subsequent to the order of the learned Tribunal) and the basis adopted was open for the learned Tribunal to consider, we take the view that in the facts of the present case the High Court ought not to have interfered with the order of the learned Tribunal. - Thus we are of the view that this appeal .....

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ed to payment of income-tax on capital gains accruing from land acquisition compensation and sale of land. The dispute is as to how the cost of acquisition is to be worked out for the purposes of deduction of such cost from the receipts so as to arrive at the correct quantum of capital gains exigible to tax under the Income-Tax Act, 1961 (for short the Act ). 2. The Assessing Officer as well as the First Appellate Authority took into account the declaration made in the return filed by the Assess .....

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is 1st April, 1974. 3. The matter reached the learned Income Tax Appellate Tribunal (for short the Tribunal ) by way of further appeal by the Assessee. The learned Tribunal took the view that the comparable sales cannot altogether be ignored. Therefore, though the comparable sales were at a higher value of ₹ 70/- per square yard, the learned Tribunal thought it proper to determine the cost of acquisition at ₹ 50/- per square yard. In Second Appeal, the High Court exercising jurisdict .....

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