Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (7) TMI 689 - AT - Income TaxFMV adopted on the date 1/4/81 for the purpose of computation of Capital Gain - Assessee has declared the FMV as on 1.4.81 on the basis of the report of the Registered Valuer who has determined the value of the building at Rs.20,04,207/- and that of the land at Rs 44,25,600/- totalling to Rs.64,29,807/- - By taking FMV of the building consisting of basement, ground floor and first floor, has arrived at a depreciated cost of the Building as on 1.4.1981 of Rs.20,04,207/- - As per RV the cost of the land comes to Rs.3,66,36,191/-, at the time of its sale. The registered valuer has adopted the decrease in land rate @7 ½% per annum per square foot and has arrived at its FMV as on 1.4.81 at Rs. 44,25,600/- - Thus, the total cost of the property in question comes to Rs.64,30 lakhs - Held that:- Even as per the backward indexation by taking advantage of CBDT Circular No. 636 dated 31.07.1992 the value of the land as on 1.4.1981 would be around the same as determined by the Registered Valuer – Also, relying upon the decision in the cases ITO vs. Smt. Lalitaban B. Kapadia [2007 (9) TMI 294 - ITAT BOMBAY-K], value so claimed by the assessee is FMV of the Capital Asset – Decided against the Revenue.
|