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2015 (6) TMI 426 - PUNJAB & HARYANA HIGH COURTReopening of assessment - adoption of sale price - whether AO was justified in applying the same sale price to the land sold by the appellant, which was sold in a different year? - Held that:- There does not appear to be even any attempt at arriving at the real/actual rate. There are certain aspects which require consideration. For instance, the rate of ₹ 19,837/- per marla was in respect of the transaction in the year 2006-07 whereas the appellant's transaction was in the previous year. There is a possibility, to say the least, of the prices having increased during the year. There are certain other aspects which require consideration such as the fact that the appellant's lands were not on the main road but behind those which abutted the main road and the lands that abutted the main road fetched the price of ₹ 19,837/- per marla. The questions of law are, therefore, answered in favour of the assessee/appellant, only for this limited reason, namely, the authorities ought to have made an effort to ascertain the price rather than merely relying upon the rate at which the lands were sold in the subsequent year. Matter is remanded to the Assessing Officer, only for the limited purpose of ascertaining the rate at which the appellant could have sold his lands. - Decided in favour of assessee.
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