Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (6) TMI 10 - AT - Income TaxDeletion of addition by adoption of FMV – fair market value of land as on 01.04.1981 - Held that:- CIT(A) rightly was of the view that the circle rate of the land in the area was Rs.125 to Rs.200/- per sq yard for new location and Rs.175to Rs.275/- per sq yard for old location – the AO did not accept the circle rate on the ground that the order of the ADM(Finance) furnished by the assessee is without signature and the present incumbent of that office has refused to provide a certified copy of the notification - the assessee could get the notification of circle rate under the Right to Information Act - the circle rate of Meerut was Rs. 125 to 200/- per sq yard for new location and Rs. 175 to Rs.275/- per sq yard for old location - the assessee has adopted rate of Rs.135/- per sq yard - a copy of notification was already produced by the assessee before the AO who refused to accept it because it was not signed by ADM(Finance) - the assessee has obtained the certified copy of the notification under the Right to Information Act - Considering the circle rate fixed by ADM (Finance) for the purpose of levy of stamp duty on sale of land in that area, the fair market value of land adopted by CIT(A) at Rs.135/- per sq. yard cannot be said to be excessive or unreasonable – thus, there is no justification to interfere with the order of the CIT(A) – Decided against Revenue.
|