TMI Blog2013 (12) TMI 548X X X X Extracts X X X X X X X X Extracts X X X X ..... IT (A) considered the description of the property and found that the method of valuation adopted by the AVO is a development method, which is the most appropriate method in the absence of any reliable sale instances and approved lay out plan as per master plan - The protest procedure prescribed in Section 50C (2) was followed in which the objections of the assessee were considered to the valuation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Krishna Dev Vyas for the appellant. Shri Dhananjay Awasthi appears for the Income Tax department. 2. This Income Tax Appeal filed under Section 260-A of the Income Tax Act arises from an order of Income Tax Appellate Tribunal, Allahabad Bench, Allahabad dated 9.7.2013 for the assessment year 2004-05. 3. The appeal has been preferred on following substantial questions of law:- "i. Whether, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty Limited, Agra in view of the provisions of U.P. Cooperation Societies Act, 1973? iv. Whether in view of peculiar admitted facts of the case of (i) land belonging to Co-operative society (ii) layout map of the land not being approved by the Agra Development Authority (iii) land being undulated and undeveloped and (iv) maximum sale price being fixed by the Officers Co-operative Society Limited, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as not suitable for raising constructions nor any sanctioned plan was submitted, the valuation is extremely high. 5. We find that the CIT (A) and ITAT have considered the grounds, and have held that the question, as to whether the valuation has to be made by the DVO or AVO, is not a ground, which vitiates the valuation arrived at after considering his reports and the objections of the assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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