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2015 (7) TMI 1369 - AT - Income TaxCapital gain computation - Correctness of valuation report of D.V.O. - allowability of 25% of DM Circle Rate - for working out this value, the D.V.O. has considered and accepted two demerits i.e. availability of no parking space and having graveyard on one side of the property and has allowed rebate of 10% as against DM Circle rate - HELD THAT:- The difference between the value declared by the assessee at ₹ 49.397 lac and as determined by D.V.O. at ₹ 57.036 lac, the difference is only ₹ 8.639 lac which works out to 15.15%. This is also to be noted that as per the judgment in the case of Bimla Singh [2008 (10) TMI 62 - PATNA HIGH COURT] as held that difference between cost of construction shown by the assessee and as determined by the Assessing Officer being less than 15%, same is to be ignored for the purpose of addition. Hence, if it is accepted that the rebate allowed by D.V.O. on account of demerits is less, such rebate should be 25% as against 10% allowed by the D.V.O., there will be no difference between the value declared by the assessee and value as per D.V.O. Since the rebate allowed by D.V.O. is estimated rebate without any basis indicated by D.V.O. in his report, we feel it proper that in the facts of the present case, such rebate should be 25% of DM Circle Rate and as a result, there is no difference between the value as per D.V.O. and value as per the assessee and as a result, no addition survives. - Decided in favour of assessee.
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