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2012 (7) TMI 578 - AT - Income TaxAddition on account of suppressed sales – sale of plots – valuation – Held that:- There are certain fixed norms for determining the market value of a particular plot, no such steps were taken either by the Assessing Officer or by the Inspector - assessee has sold the plot at a rate of Rs.1441 per sq. yd. The circle rate at that point of time was Rs.1338 per sq. yd. therefore, no addition is to be made for the sale of plots - appeals as well as cross objection of the assessee deserve to be allowed partly, whereas appeals of the revenue are de void of any merit - Assessing Officer directed to estimate the sale value of the plots for Rajinder Nagar Industrial Area only and he will adopt a rate of Rs.2500 per sq. yd. instead of Rs.1,000 per sq. yd. disclosed by the assessee, while quantifying the sale proceeds - assessee are partly allowed
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