Statutory date for FMV of a property cannot be substituted with a subsequent conversion date by issuing notification

RELEVANT PARAGRAPH 19. We heard both sides in detail and considered the issue in the light of the facts of the present case and in the light of various judicial pronouncements relied on by the assessee as well was the Revenue. The assessee purchased the property in 1975. The Notification declaring the said property in the category of capital asset was made in 1994. The property was sold in 2006. Now the case of the assessee is that for the purpose of computing the Long Term Capital Gains, FMV of the property should be adopted as it stood on the conversion date; i.e. 06-01-1994 and not the FMV ...