Section 48: Computation of Capital gains [Determination of fair market value]

The High Court of Gujarat has held that where for purpose of computing capital gain arising from sale of property acquired prior to 1-4-1981, assessee adopted fair market value of property on basis of report of registered valuer who had given his opinion on basis of four different sale instances, Tribunal was justified in accepting said fair market value and, thus, no substantial question of law arose from Tribunal’s order.