TMI Blog2015 (8) TMI 75X X X X Extracts X X X X X X X X Extracts X X X X ..... s mentioned in Hindi Language and thereafter the AO may decide the same after hearing the assessee afresh in accordance with law. - matter remanded back. - ITA NO. 6159/Del/2012 - - - Dated:- 12-1-2015 - SHRI S.V. MEHROTRA AND SHRI H.S. SIDHU, JJ. For the Appellant : Sh. Vinod Kumar Goel, Adv. For the Respondent : Sh. Vikram Sahay, Sr. DR ORDER PER H.S. SIDHU : JM This appeal by the Assessee is directed against the Order of the Ld. Commissioner of Income Tax (Appeals), Muzaffarnagar dated 11.10.2012 pertaining to assessment year 2009-10 on the following grounds:- 1. That the Ld. AO as well as Ld. CIT(A) is in error by ignoring valuation report of government approved valuer filed by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... written submissions along with copies of sale deed, copy of capital and other papers. As per sale deed, the value as determined by the Stamp Duty Authority, Sub-Registrar, Khatauli was at ₹ 1,09,47,000/- whereas the said property was sold for ₹ 17,00,000/- only. Thus the AO required the assessee to explain the same. therefore, the counsel of the assessee attended only to seek adjournments however no compliance was made. Therefore, the AO issued notice u/s. 144 of the Act dated 2.12.2011 requiring the assessee to show cause regarding proposed addition of ₹ 43,39,930/-. In response the assessee requested to refer the matter of valuation of the impugned property to the DVO. On such request the AO referred the matter of valua ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to compute correct loss on account fo sale of land. He further stated that the report of the DVO was not available on the date of assessment and the AO computed the total income of the assessee by way of capital gain on the basis of stamp valuation of the property. 6. Ld. DR relied upon the orders of the revenue authorities below. 7. We have heard both the parties and perused the records especially the orders of the revenue authorities, Paper Book submitted by the Ld. Counsel of the asseessee containing pages 1 to 34. We find that during the appellate proceedings the written submissions alongwith objections filed by the Assessee handed over to the AO for his comments. In response thereto the AO vide his letter dated 13/17-9-2012 has f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the cost of acquisition as on 1.1.1987 in place of 1.4.1981 for this purpose Ld. AO has not given any reason. However, the assessee s case is supported by the ITAT judgments and Section 49 of the I.T. Act, which is totally ignored by the AO in his remand report also. Therefore, remand report on this issue is also not accepted in view of recent Bombay High Court judgment. In the case of CIT vs. Ms. Janhavi S. Deasi (Bom.) 209 Taxman-289, held as under:- Assessment year 2005-06 - Assessee s further acquired property from his grandfather prior to 1981 - Assessee s father expired in 1988, leaving behind a will bequeathing property to his wife and assessee is equal shares - Assessee s mother expired on 21.2.2000 leaving behin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sh. Devendra Singh already admitted by the AO and the amount so received was duly confirmed. The petrol pump was closed for last ten years. Therefore, no record was kept as business is closed ten years back and assesee is liable to keep their books of accounts upto six years. In the absence of any evidence statement recorded on oath is a good evidences as claimed by the assessee in his earlier reply. Considering the facts and evidences Your Honour is requested to kindly allow the appeal and oblige .. 7.1 The DVO has disposed of the objections raised by the assessee. The Ld. CIT(A) has reproduced the same at page no. 11 in his order. Pointwise reply to observations:- Points i), ii) iii) :- The built up portion of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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