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2009 (7) TMI 742 - KARNATAKA HIGH COURTCapital gain - Whether the appellate authorities were correct in holding that the valuation as adopted by the assessee should be accepted which was not based on any comparative sale instances or any accepted method of valuation adopted by ignoring the various materials and circum-stances under which the Assessing Officer had correctly valued per square feet of property at Rs. 332.335 and consequently recorded a perverse finding? Held that - when the clauses in the lease deed and supplementary deeds were read in conjunction, it was only the residuary right, title and interest in the Schedule property that was vested with the lessor and the pre-emption clause gave right to the lessee to pre-empt any sale by the lessor to third parties without selling the same to the lessee. This clearly showed that the entire land was transferred by the lessor ro the lessee. Both the appellate authorities had committed an error in determining the value of the property as declared by the assessee. Thus, order were to be set aside and the of the Assessing Officer restored.
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