FMV as on 01-04-1981 must be based on registered valuer’s report

Sukh Pal Singh Vs ITO (ITAT Chandigarh) Chandigarh: The Income Tax Appellate Tribunal (ITAT) Chandigarh has partially allowed an appeal by Sukh Pal Singh for Assessment Year 2014-15, primarily concerning the assessment of long-term capital gains (LTCG). The dispute arose from the sale of commercial land in Ghaziabad. The assessee had sold land for Rs. 101.03 lakh against a stamp duty valuation of Rs. 105.60 lakh. For properties acquired before April 1, 1981, taxpayers can adopt the fair market value as of that date for calculating the cost of acquisition. Sukh Pal Singh used a registered value...