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2015 (10) TMI 1401 - AT - Income TaxDetermination of FMV as on 1.4.1981 - Held that:- CIT(A) has considered the advantages relating to the plot; report submitted by the approved valuer and all other characteristics attached to the plot. Accordingly, he determined the FMV as on 1.4.1981 at ₹ 5200/- per sq. yard. We further notice that the ld. CIT(A) has also given liberty to AO to substitute the value determined by the DVO as and when the report received from DVO. Under these set of facts, we do not find any infirmity in the order of the ld. CIT(A) on this issue. - Decided against revenue. Deduction claimed u/s 54 - Held that:- The department could not furnish any material to contradict the findings given by the ld. CIT(A). Under these circumstances, we are inclined to agree with the decision of the ld. CIT(A) that the assessee has sold the land and residential building and hence he is entitled for deduction u/s 54 of the Act. - Decided against revenue.
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