Assessee sold two pieces of land situated in Village Kansapur.   The AO adopted the value as on 1-4-1981 on the basis of information received from the Sub-Registrar. The CIT(A) affitmed the order of the AO. On appeal the assessee contended that assessee’s son also sold his share of agricultural land situated in the same village. Value of land in village Bhatuali has been considered and accepted by the CIT(A) in a later decision to arrive at the fair market value and the said matter has attained finality.  Tribunal held that since the assessee and his son have sold land situated in the same village during the same period to the same party, there is no justifiable basis to deviate and adopt two different valuations.  Further, the price which an asset can fetch in an open market auction rather than privately negotiated transaction would be a better determinant of the fair market price of the asset. Therefore  the fair market value of the land basis fird/intkal as so submitted by the assessee relating to sale transaction through open auction in nearby Village Bhatauli, where the Ministry of Defence, Government of India purchased land on 3rd Nov., 1981 would be a better determinant of the fair market value of the land that was sold by the assessee. AO is  directed to adopt the said value of the land as on 1st April, 1981 for the purposes of determining the cost of acquisition and resultant indexed cost of acquisition while computing the capital gains in the hands of the assessee. Followed Manjit Singh vs. Dy. CIT (2013) 151 TTJ (Chd)(UO) 1 and CIT v. Ravinder Kaur [IT Appeal No. 240 of 2009 (P&H)(HC)]  (AY. 2007-08)