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2016 (5) TMI 348 - AT - Income TaxAdoption of land rate for the purpose of valuation u/s.50C - Held that:- To consider valuation cell letter dt. 10.03.2005 and letter of Registration Department, Sub-Registrar, Adayar dt 24.02.2011 referring guideline value adopted in respect of Vikram Sarabai Instronics Estate, Thirumanmiyur alongwith CD. The guideline value adopted by SRO for the period from 01.04.2003 to 31.07.2007 being ₹ 516/- per sq.ft and present assessment year falls within the above period and there is an increase in guideline from 01.08.2007 being ₹ 2,400/- per sq.ft. The ld. Counsel substantiated the arguments with the letters addressed to the valuation cell, Sub- Registrar, and objections filed with the valuation officer. The ld. Commissioner of Income Tax has not provided opportunity to the assessee inspite of written request furnished in the appellate proceedings. So, considering the apparent facts circumstances and valuation rates adopted by Sub-Registrar and the assessee, we are of the opinion that assessee should be provided with one more opportunity based on the guideline value, valuation report and valuation under Wealth Tax Act and to consider the contents of CD as requested by the assessee in adjudicating the appeal. Therefore, we set aside the order of Commissioner of Income Tax (Appeals) and remit the entire disputed issue to the Commissioner of Income Tax (Appeals) to pass the order afresh based on the above findings and provide adequate opportunity of being heard to the assessee.
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