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2013 (12) TMI 1254 - HC - Income TaxReference to valuation officer for valuation of land - Held that:- The assessee had purchased the plot in question from the UPSIDC - The UPSIDC had informed the Revenue authority through its letter dated 7.1.1997 that the cost of plot as on 1st April, 1981 was Rs.9.75 per square yard, which has not been disputed by the assessee then in such a situation it was not necessary for the assessing authority to refer the matter to the valuation officer - Once from the documentary evidence and material on record, it is established that the cost of land is Rs. 9.75 per square yard then there appears to be no reason to invoke the provisions of Section 55A of the Income Tax Act - The power conferred in Section 55A deals the controversy to refer to valuation officer, in case there is dispute or doubt or inability to find out the fair market value of capital assets - Decided against assessee.
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