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2013 (11) TMI 360 - ITAT JAIPURValuation of property - Adoption of Fair Value - Reasonable adjustment to Fair Value - whether sale in question is panic sale - Held that:- The underneath of flyover was left with congestion. The commercial activities were adversely affected so much so that people had either to close the business or to sell their property. The construction of flyover of bridge near the appellant's property was a negative factor and had adversely affected the fair market value of the property as on the date of transfer. The ld. CIT (A), however, did not make necessary modification though the same was within the scope of his powers as are contained in sub section (2) of section 50C of the Act. We, therefore, find substance in the claim of the assessee and having regard to the report of Shri V. Padmanabhan, Approved Valuer, who is technical person, allow 20% deduction on the rate of Rs. 2905/- per sq. ft. adopted by the DVO and direct the Assessing Authority to correct the fair market value of the property under consideration accordingly. - decided partly in favor of assessee. Regarding panic sale - held that:- assessee has not laid any material on record to substantiate that there was such compulsion for making repayment of loan by him by way of sale of his immovable property nor has he proved utilization of his funds towards making repayment of loan, if any earlier raised by him. - Decided against the assessee.
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