TMI Blog2014 (8) TMI 683X X X X Extracts X X X X X X X X Extracts X X X X ..... reopening the assessment after 16 years on the basis of the Circular dated November 10, 1982 - the view taken by the Tribunal was wrong - Though the Circular was issued 16 years ago, it was showing the guidance value prevailing at the relevant time - the Tribunal ought to have recorded its finding on the merits also - the assessee did not and could not produce on record any authentic material to show the purchase price of the property in the year 1981 or, when he actually purchased the property- Tribunal ought to have considered the case on the merits also to find out whether the valuer's report was authentic and acceptable – Decided in favour of Revenue. - - - - - Dated:- 3-2-2014 - DILIP B. BHOSALE AND MANOHAR B., JJ. Dilip B. Bh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8 of the Act ? None appears for the respondents, though served and, hence, with the assistance of the learned counsel appearing for the Revenue, we have perused the order passed by the Tribunal and so also the orders passed by the authorities below. From the facts of the case, it appears that the assessee had acquired land measuring 7,987.50 sq. ft. prior to April 1, 1981. It is not clear whether he made construction of 600 sq. ft. over the said plot or he acquired the land with built up area. Be that as it may, the value of the land shown in the return filed in the year 1999-2000 was ₹ 300 per sq. ft. and the cost of construction was shown at ₹ 100 per sq. ft. As against this, the Circular dated November 10, 1982, on the ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s report obtained by him. The Tribunal, therefore, ought to have considered the case on the merits also to find out whether the valuer's report was authentic and acceptable. In the circumstances, we are inclined to allow this appeal answering the substantial question of law formulated by this court, in their favour and against the assessee. Hence, the following order : (a) The appeal is allowed. (b) The appeal filed by the Tribunal, accordingly stands restored to file. (c) The Tribunal shall hear and decide the appeal afresh on the merits in accordance with law and in the light of the observations made in this order. (d) All contentions of the parties are kept open. (e) It is needless to mention that the Tribunal shall is ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
