Guidance Value of Land or Building Should be used to Determine Consideration Where Transfer Value of Capital Asset is not determinable: ITAT [Read Order]
The CIT(A) deemed the correct consideration to be Rs. 93,80,19,968 based on the guidance value of the land, as unsupported construction costs were deemed inappropriate.
The Bangalore bench of Income Tax Appellate Tribunal(ITAT)ruled that the guidance value of land or building should be used to determine the consideration when the transfer value of a capital asset is not determinable.The Department, appellant- assessee,raised ground on issue regarding the relief granted by the CIT(A) concerning the full value of consideration.In the case…
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