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2013 (8) TMI 623 - AT - Income TaxValuation - Sale value being stamp value of the property by invoking section 50C of the Income Tax Act - Jurisdiction of DVO under section 50C for passing the order and others – Held that:- This action of reference to the D.V.O. has been taken by the A.O. on the direction of the I.T.A.T. Action taken by the A.O. on the direction of the I.T.A.T. is not incorrect rather it is in accordance with law. Correctness of valuation done by D.V.O. - The A.O. taken circle rate in calculation of capital gain on the ground that the D.V.O. inspite of valuing the plot has valued it as a constructed area on the plot - Held that:- Value of the plot depends upon a number of factors including location, size, road on which the plot is situated, area and others. The Stamp Valuation Authorities have also certain criteria and basis for determining the circle rate - The ld. Authorised Representative is not correct in submitting that the D.V.O. estimated the value of the plot as it is a constructed area - The D.V.O. is correct in estimating the value of the plot as per the building byelaws of Agra Development Authority, Agra because that plot is having potentiality for constructing of many floors suitable for Nursing Home, Multi storey flat etc. Certainly, these are part and parcel of valuation of the plot – No infirmity in the valuation made by D.V.O – Decided against the Assessee.
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