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2017 (6) TMI 1153 - AT - Income TaxDifference between the sale consideration received by the appellant and the value computed by the Valuation Officer u/s 50C(2) - Held that:- The property was inspected by the Valuation Officer and it has been specifically mentioned in Column 3.4 that the property is situated about 300 to 400 Mts. from the main road, containing hill/slope are touching the boundary of Adivashi hutments. The size of the land is also not square and touching the big nalla. The method adopted by the Assessing Officer is comparison of stamp duty/ready reckoner 2007 and the sale instances adopted for all these properties. We have also perused the sale instances wherein, the valuation comes to ₹ 192.36 per Sq. Mtr, whereas, in the case of the assessee, the valuation has been adopted towards higher side. Considering the totality of facts, we find force in the explanation of the assessee, therefore, direct the Assessing Officer to delete the addition, because, the valuation adopted by the Valuation Officer does not depicts the true facts and the lacunas and explained by the assessee were not considered while adopting the value of the plot. The Valuation Officer adopted the rates of the property towards higher side quoting the sale instances, which are not of similar land. Even otherwise, the points quoted/explained by the assessee were conveniently ignored. Thus, this ground of the assessee is allowed and the addition made on this count is directed to be deleted.
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