Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (3) TMI 1602 - AT - Income TaxAddition towards Long Term Capital Gain (LTCG)- indexation benefit - Held that:- Grievance relating to the eligibility of indexation from 1981-82 is no more res integra. Since the property sold was first held by the father of the assessee and the assessee received the said property through bill on the death of his father, the indexation benefit would be available from A.Y. 1981-82. This issue is well settled in favour of the assessee and against the revenue by the decision in the case of Manjula J Shah [2011 (10) TMI 406 - BOMBAY HIGH COURT] Adoption of FMV as on 01.04.1981 by discarding the valuation report of the DVO - Held that:- The approved valuer himself as determined the range from ₹ 385.80 per sq. mtr. to 823.83 per sq. mtr. However, it can be seen that in spite of the range determined by him, he has adopted ₹ 1100 per sq.mtr. In doing so, the valuer has considered some extraneous consideration inasmuch as he has given much weigtage to the involvement of unaccounted money at the time of dealing and execution of the sale/transfer of the properties. Ld. counsel himself agreed that the observations of the approved valuer are unwarranted and uncalled for. The ld. counsel fairly conceded that the average of the range rates may be taken as the FMV as on 01.04.1981 which comes to around ₹ 605 per sq. mtr. - FMV of ₹ 1100 per sq. mtr. adopted by the approved valuer is not based upon sound principles, we direct the A.O. to re-compute the capital gains tax liability, if any, by adopting the FMV as on 01.04.1981 at ₹ 605 per sq. Mtr.
|