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2015 (1) TMI 250 - ANDHRA PRADESH HIGH COURTRevision of taxable income by Commissioner - Market value of property to be taken as ₹ 40/- or ₹ 600/- per square yard u/s 48(ii) – Held that:- Assessee stated that the cost of acquisition is ₹ 600/- per square yard and it was accepted by the AO, after verification, and passed the order of assessment dated 15.01.1997 - assessee categorically stated that the cost was mentioned as ₹ 40/- per square foot, obviously, for the constructed area, and it was mistaken by the Commissioner to be the cost of land per square yard - If ₹ 40/- is the cost in respect of square feet of constructed area, in terms of square yards, it would not only be nine times that figure, but also subject to addition of cost of the land, be it the one, on which the building was constructed or the proportionate open land. When such is the devastating effect of the treating of the figure vis-a-vis square yard instead of square feet, it was basic and fundamental duty of the Commissioner to have shared that information with the respondent and to take his view point in this behalf, into account - However, he straightaway proceeded to pass the order - the sole basis for the Commissioner to revise the order passed by the AO was the information said to have been received by him from the Sub Registrar, the Tribunal asked the departmental representative to furnish a copy for verification - The representative expressed his inability and it ultimately emerged that copy was not furnished even to the department – revenue is not able to point out as to how the order passed by the Tribunal suffers from any factual or legal error – Decided against revenue.
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