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2013 (2) TMI 430 - HC - Income TaxValuation of two plots sold - Held that:- CIT (Appeals) as also ITAT were fully justified in not placing any reliance on the Inspector's report and by describing it only as an opinion without any material evidence to back the same. Consequently, the Tribunal was justified in adopting the only other values that were available to it and those were the circle rates of the two localities at the time of the sales of the said plots. Going by the circle rates, the Tribunal has concluded that no inference was called for in respect of the plot at Radhey Shyam Park at Rs.2,900/- per sq. yd., whereas, the value of the plot at Rajinder Nagar Industrial Area was to be re-calculated at the rate of Rs.2,500/- per sq. yd. No substantial question of law arises for consideration.
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