Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (10) TMI 642 - HC - Income TaxComputation of Fair Market Value of the Land as on 1.4.1981 – Computation of Capital Gain Tax Liability u/s 55(2B) – Held that:- No report of the DVO was obtained and the A.O. obtained one sale instance from sub-registrar office but regarding this sale instance – assessee Contended that the sale instance is of a faraway place whereas, the sale instance noted by the registered valuer is nearer to the land in question - This contention could not be controverted by the Revenue - the sale instance obtained by the A.O. from sub registrar cannot be adopted because it is related to a land situated at faraway place and moreover, when the assessee has submitted the report of the registered valuer, the same cannot be ignored or substituted without obtaining the report of a technical person viz. DVO or some other technical expert. The report of registered valuer being a technical person, cannot be substituted without obtaining any DVO’s report or any other report of a technical person - no such report of any technical person has been obtained by the authorities below - thus for this reason also, the action of Ld.CIT(A) cannot be sustained - the fair market value of the property as on 01.04.1981 as declared by the assessee on the basis of a report of the registered valuer, cannot be disturbed and the same has to be accepted. The entire issue is based on appreciation of evidence - What should have been fair market value of the land as on 1.4.1981 is a pure question of fact - The assessee has based reliance on the report of the registered valuer who had given his opinion on the basis of 4 different sale instances - The Assessing Officer discarded such report and assessed the valuation on the basis of a single sale instances, details of which were available from the office of the Sub-Registrar - When the Tribunal, as a final fact finding authority, has come to certain findings which are purely factual in nature, no interference is called for, no question of law arises – Decided against Revenue.
|