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2017 (5) TMI 1109 - GUJARAT HIGH COURTReopening of assessment - value estimated by the registered valuer of the assessee as on 1st April 1981 was on the higher side and in variance with the fair market value which has resulted into escapement of income - Held that:- Considering the affidavit-in-reply and material on the record so also the order of assessment, it appears that in the case of brother of the assessee and the co-owner of the very land ie., in the case of Shri Ashwinkumar Chimanlal Raval, the Assessing Officer had determined/estimated, and/or considered the fair market value as on 1st April 1981 at ₹ 10,19,250/- and consequently, the assessment order has been passed in the case of co-owner of the very land in question estimating the fair market value at ₹ 10,19,250/- as on 1st April 1981 and accordingly, the long term capital gain has been worked out. It is reported that in the case of co-owner of the very land in question ie., Shri Ashwinkumar Chimanlal Raval, the learned CIT [A] dismissed the appeal preferred by the said assessee, and therefore, the fair market value which was applied/estimated in the case of co-owner is required to be considered and applied by the Assessing Officer, even in the case of the assessee – being the coowner of the very land in question, since there cannot be two different estimations of the fair market value as on 1st April 1981 with respect to the same land but in the case of different assessees/co-owners. Under the circumstances, now when the order of assessment is already passed, in the aforesaid peculiar facts of the case, we refuse to entertain the present petition challenging the order of assessment under Section 147 and relegate the petitioner to prefer the appeal before the CIT [A] against the order of assessment under Section 147 and keeping all the contentions/defence which would be available to the parties; more particularly available to the petitioner-assessee. As observed as such there cannot be two estimations of the fair market value as on 1st April 1981 in respect of the very land in question, but in case of different assessee/co-owner. Thus without expressing anything further on merits in favour of either parties, we relegate the petitioner to avail alternative statutory remedy available by way of appeal before the CIT [A] against the order of assessment under Section 147 of the Act.
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