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2014 (2) TMI 1106 - AT - Income TaxValuation of the property - Property sold by the assessee – Held that:- There is lot of variation on the guideline value furnished by the Sub-Registrar and adopted by the Assessing Officer to that of the value adopted by the assessee of registered valuer's valuation –the guideline value of the Registration Department regarding valuation of the property has evidentiary value and they are only intended to give information or instruction to the registering authorities but the guideline value alone is not a deciding factor - the Department has not made any independent investigation and collected any information with respect to any sale transaction in neighbouring land for determining the fair market value of the land and simply adopted the guideline value as provided by the Sub-Registrar and accepted by the Assessing Officer for determining the fair market value, which in our opinion, is found to be incorrect – thus, the order of the CIT(A) set aside and the matter remitted back to the AO for examination – Decided in favour of Assessee.
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