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2015 (5) TMI 347 - ITAT AHMEDABADOn money payment - CIT(A) deleted the addition - scope of Section 142A - Held that:- CIT(A) has given a finding that the DVO was called for valuation of the property on 18.12.2009 and he has given the report on 24.12.2009 without doing any inspection of the property and without supporting his valuation by any concrete evidence as to the actual market price in the same vicinity or surrounding locality. Ld CIT(A) has also given a finding that the assessee has sold the property at the highest price during the said period as compared to the sale price of other properties and his rates were higher than the Jantri rates. We thus find that ld CIT(A) after considering the submissions and the factual aspect of the case and by detailed and well reasoned order has deleted the addition. We also find that the Co-ordinate Bench of Tribunal in the case of ITO vs. Chandrakant Patel (2011 (4) TMI 868 - ITAT AHMEDABAD ) has noted that that the area of operation and scope of Section 142A is limited in its span only to determine the value of investment in respect of certain assets and there is no power vested with the A.O to seek the help of valuation officer in respect of determination of capital gain prescribed u/s 48 of the Act. Before us, Revenue has not brought any material on record to controvert the findings of Ld. CIT(A). In view of the aforesaid facts, we find no reason to interfere with the order of Ld. CIT(A)- Decided against Revenue. Income from demolition - set off against the overhead expenses and the net expenses denied - CIT(A) deleted the addition - Held that:- While deleting the addition, Ld. CIT(A) has given a finding that the demolition of old structure was done by the Assessee as a builder and in the agreement it was not stated that the Assessee was given vacant land by removing all the debris upon demolition of the building. He has also noted that the income from sale of scrap has been accepted by Assessee in cheque and has been reduced from the project cost and therefore there is no loss to the Revenue as the project cost has been reduced. Before us, Revenue has not brought any material on record to controvert the findings of Ld CIT(A). We therefore find no reason to interfere with the order of Ld CIT(A) - Decided against Revenue.
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