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Income Tax - Highlights / Catch Notes

Home Highlights January 2024 Year 2024 This

Capital gain - Valuation - FMV determination - Conversion of ...

Income Tax

January 22, 2024

Capital gain - Valuation - FMV determination - Conversion of agriculture land - reference to DVO - CIT(A) has correctly observed that the land sold in current year is non-agricultural land but the land was agricultural land as on 01-04-1981 and therefore cost of land as on 01-04-1981 cannot be determined based on sale rate of non-agricultural land for the current year and thereafter applying reverse formula thereon. - AT

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