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TMI Blog2013 (4) TMI 42X X X X Extracts X X X X X X X X Extracts X X X X ..... cts relating to the issue are stated in brief. The assessee, along with some other persons, sold a land located at Trivandrum and the share of the assessee in the said sale was Rs. 40.00 lakhs. While working out the long term capital gain, the assessee adopted the value of the land as on 01-04-1981 at Rs.7.00 lakhs for an extent of 10 cents, thus giving an average value of Rs.70,000 per cent. The Assessing Officer, during the course of assessment proceedings, called for details from Sub-Registrar, Trivandrum. From the details submitted by the Sub-Registrar, it was noticed that a land admeasuring 16.5 cents was sold on 30-06-1980 at an average rate of Rs.15,151/- per cent, vide Sale Deed No. 2013/1980. Another property admeasuring 6.812 cent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT(A) adopted the average of four values, viz., Rs. 15,000/-, Rs. 65,000/-, Rs. 69,000/- and Rs. 50,000/- and determined the value as on 01-04-1981 at Rs. 49,000/- per cent. Aggrieved by the order of the Ld. CIT(A), the Revenue is in appeal before us. 6. The Ld. Counsel for the assessee submitted that the land sold by the assessee is located on the main road; whereas the two lands referred by the Sub-Registrar are located on the side roads. He submitted that the land located in the main road will command a higher value as compared to the land located at the side roads. The Ld. AR submitted that the Ld. CIT(A) has adopted the value as on 01-04-1981 by considering the valuation reports given by the two registered valuers and also the value d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that the valuation report is the opinion given by the concerned valuer and it does not have any statutory force. However, the Assessing Officer has determined the value of Rs. 15,000/- by referring to the comparable cases submitted by the Sub-Registrar. Accordingly, he submitted that the value of Rs. 15,000/- adopted by the Assessing Officer is a reasonable one and hence the order passed by the Ld. CIT(A) needs to be reversed. 8. We have heard the rival submissions and carefully perused the record. We notice that the land sold by the assessee is located in a place called Belhaven Gardens area. The assessee has filed a map depicting the location of the impugned land and also the lands referred by the Sub-Registrar. We notice that the lan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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