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TMI Blog2002 (8) TMI 66X X X X Extracts X X X X X X X X Extracts X X X X ..... question for a sum of Rs. 3,50,000 during the assessment year 1984-85, the property having been obtained by him under a partition deed dated June 15, 1959, wherein the value of the said house had been shown as Rs. 20,000. The Income-tax Officer fixed the fair market value as on January 1, 1964 at Rs. 30,000 and the capital gains was arrived at Rs. 1,86,357. An appeal was preferred by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he case, the Appellate Tribunal was right and had valid materials to accept the claim regarding the fair market value of the property as on January 1, 1964 at Rs. 1,80,000 in the place of Rs. 30,000, adopted by the Income-tax Officer? 2. Whether the Tribunal's view that the certificate by the Sub-Registrar cannot be ignored and should be accepted, is reasonable, supported by valid materials and s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bmissions submitted on behalf of the Revenue and also perused the judgment of the Supreme Court, cited above. It is true that the Supreme Court had not indicated the rate of municipal tax as an index for arriving at the fair market value. Nor is there any observation in the judgment holding that the calculation on the said basis would be incorrect. Fixation of market value depends on several fac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as to why this certificate should not be accepted. In addition to the said certificate, the Tribunal also adopted a calculation on the basis of the municipal tax. It is well known that the rental value is also an acceptable basis for calculation of the value of the buildings. Likewise, levy of municipal tax is also based on the commercial and market value of the property and the age of the build ..... X X X X Extracts X X X X X X X X Extracts X X X X
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