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2015 (5) TMI 77 - HC - Income TaxDetermination of the market value of immovable property as on 01.04.1981 - valuation of the said property has been made on the basis of an alleged agreement of sale dated 12.12.1978 by tribunal - Held that:- We find substance in the submissions made by learned Counsel for the appellant, as the very basis for valuation of the property, which was the agreement for sale, was itself held not to be a valid agreement. The fair market value of the property as assessed by the Tribunal cannot be said to be a proper mode of assessment. We therefore hold that the fair market value of the property as determined by the Tribunal, was without any proper basis. Matter should be decided afresh by the Assessing Officer after ignoring the agreement for sale dated 12.12.1978 and on the basis of the other factors relevant, for consideration of the fair market value. We thus answer the question of law in favour of the assessee
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