The assessee’s land was situated in a costly area and prices of the land in that area was on the higher side. Therefore, considering the entirety of the facts and taking a holistic view the fair market value at Rs. 607 per square metre was adopted to meet the ends of justice. Held, that the Assessing Officer was to apply the rate of Rs. 607 per square metre for calculation of the indexed cost of acquisition for the purpose of computation of long-term capital gains in the hands of the assessee. (AY. 2013-14)
Dharmendra B. Patel v. Dy. CIT (2022)98 ITR 268 (Surat) (Trib)
S. 55 : Capital gains-Cost of improvement-Cost of acquisition-FMV as on 1-4-1981-Land situated in more appropriate location as compared to sale instance considered by DVO-FMV at Rs 607 per square meter for indexed cost of acquisition.[S. 45]