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2013 (12) TMI 544 - KARNATAKA HIGH COURTValuation of property - determination of FMV as on 1.4.1981 - Held that:- The assessee has failed to file the valuation report of the qualified valuer - A duty was cast on the authorities to assess the fair market value independent of the evidence adduced by the assessee - The Assessing Officer himself could have referred the matter to a valuator to get the valuation done under Section 55A of the Act, which he has not resorted to - The property is situated in the heart of Bangalore city, in a prime commercial locality where the value of the property has multiplied automatically over the years - The authorities committed a serious error in relying on an inadmissible evidence and in not taking into consideration the undisputed facts as well as the memo of calculation filed by the assessee, which is more proper - Decided in favour of assessee.
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