TMI Blog2006 (11) TMI 246X X X X Extracts X X X X X X X X Extracts X X X X ..... ct, 1958 wherein following grounds have been raised by the assessee: "1. That having regard to the facts and circumstances of the case, reopening of the impugned assessment under GT Act, 1958 is bad in law and against the facts, and consequential reassessment order, being, inter alia, without jurisdiction, is thus nullity and ought to have been cancelled. 2. That having regard to the facts and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... period under assessment, the assessee has shown long-term capital loss of Rs. 8,588 on the sale of plot No. 196, Pocket-3, Sector 24, Rohini, Delhi, the sale consideration of the plot has been shown at Rs. 1,20,000, which was considered to be on the lower side. Therefore, the case was referred to the District Valuation Officer, IT Department for determining the FMV of the plot. The Asstt. Valuati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity of reopening is concerned, we are satisfied that there was reason to believe before the GTO on account of DVO's report that there is escapement of gift. Thus, the ground taken by the assessee with regard to validity of reopening is hereby dismissed. However, on account of merit of addition, we found that in an appeal filed by the assessee in respect of addition made on account of capital gain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the levy of gift-tax is directed to be deleted. The appeal of the Revenue is dismissed." 7. The facts and circumstances of the instant case are exactly in pari materia with the case decided by the co-ordinate Bench as discussed hereinabove. No contrary decision was brought to our notice by the learned Departmental Representative, so as to persuade us to deviate from the findings and conclusion ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been determined as per Sch. II of the GT Act where we found that valuation has been made by the DVO on the basis of land and building method. Furthermore, the addition on account of deemed gift has been made by the GTO only on the basis of valuation made by the DVO at higher amount as compared to the actual sale consideration received by the assessee. Since the higher valuation adopted by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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