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2020 (9) TMI 564 - AT - Income TaxRectification of mistake u/s 254 - FMV determination - AO has determined the fair market value on the basis of incorrect total area of two office bearing No. 202 & 203 of the building which were sold by the assessee - HELD THAT:- We find that the AO/DVO has considered the total area of these two offices at 283.80 sq. mt. as against area of 247.49 sq. mt. sold by the assessee as per sale deed. The AO/DVO added the common area of 36.31 sq. mt. in the area of these two office. We note that what is sold by the assessee is the offices no. 202 & 203 and the area as per sale deed shall be considered as the actual area sold by the assessee. The common area in the building which is clearly described in the sale deed and available for the purpose of ingress, aggress as well as common use cannot be added to the area of these offices but certainly these facilities available to the offices sold by the assessee would increase fair market prices of the offices in question. Accordingly, AO/DVO is directed to determine the fair market value by considering these common are as a positives factor while determining the fair market value of the offices but the common area cannot be considered as the area sold by the assessee when only offices are sold. Hence, the impugned order is modified accordingly.
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