Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (7) TMI 900 - ITAT SURATLTCG - FMV determination as on 01.04.1981 - grievance of the assessee is that Registered Valuer has valued the property at Rs.60 per sq. meter, therefore, the same should be adopted to determine the fair market value as on 01.04.1981, as against the fair market value (FMV) at the rate of Rs.53 per sq. meter adopted by DVO - HELD THAT:- As perused the facts of the case including the findings of the ld. CIT(A) and other material brought on record. We note that main dispute between the Assessee and Revenue is that assessee wants that his Registered Valuer report, wherein he valued @ Rs.60 per sq.Meter may be adopted to determine the fair market value on 01.04.1981 and Revenue wants that fair market value (FMV) at the rate of Rs.53 per sq. meter, as determined by the DVO should be considered. The difference is Rs.7/- (Rs.60 per sq.Meter- Rs.53 per sq. meter). We note that the Valuation Report received from the Department Valuer, wherein he has taken the FMV at Rs. 53 per Sq. meter, appears quite reasonable. We note that there is no day and night difference between assessee`s Valuer`s report and Department Valuer`s report hence assessee does not deserve further relief, therefore, we are of the view that the order of CIT(A) is just and proper and calls for no interference. Decided against assessee.
|