2003 (8) TMI 32 - HC - Income Tax

Computing the capital gain under section 48 - Tribunal was right in fixing the maximum rate of rupees one lakh per acre instead of Rs. 70,000 per acre for determining the market value and cost of acquisition as on April 1, 1981, for the purpose of computing the capital gain under section 48 of the Income-tax Act

Summary

The High Court of Allahabad dismissed an appeal under section 260A of the Income-tax Act, challenging the order of the Income-tax Appellate Tribunal. The Tribunal's findings regarding the undeveloped nature of the land in question and its development timeline were upheld. The Tribunal had already granted the maximum rate for determining the market value, and the appeal was dismissed.