Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (4) TMI 1531 - AT - Income TaxCapital gain computation - correctness of value of the plot under sale for the purpose of determination of Capital gain with reference to Section 50C - addition on the basis of the valuation report of the impugned Property issued by the learned DVO - HELD THAT:- Having regard to the allowance of 30% claimed towards curtailment of land as referred to by CIT(A) in Para 3.2 of the CIT(A) order and also having regard to the comparable rates available at the time of sale coupled with other deficiencies such as lack of direct access to the Plot under sale and pancity of civic amenities etc. We deem it appropriate that the share of the assessee in the sale consideration be taken at ₹ 17,45,000/- instead of ₹ 34,90,000/- determined by the revenue. Accordingly, assessee gets relief to the extent of 50% in the deemed sale consideration. The AO is accordingly directed to re-compute the taxable capital gain in terms of the direction noted above. In the result, appeal of the assessee is partly allowed.
|