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TMI Blog2014 (5) TMI 395X X X X Extracts X X X X X X X X Extracts X X X X ..... of the case are that the assessee was a shareholder in M/s Tyagi Anand & Co. Pvt.Ltd., which was running a theatre 'Natraj' in Moti Nagar, New Delhi. During the year under assessment, the assessee sold her 83 shares which were held/purchased by her prior to 01.04.1981. As the shares of M/s Tyagi Anand & Co. Pvt.Ltd. were unquoted shares, the assessee revalued the assets of M/s Tyagi Anand & Co. Pvt.Ltd. at the market value as on 01.04.1981. The assessee filed the valuation report of approved valuer who worked out the value/cost of the land at Rs.3,24,18,800/- and that of building at Rs.21,40,936/- as per which land rate was worked out at Rs.6,000/- per square meter. The Assessing Officer, taking into consideration the instances of sales, ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shareholder, Sh. Anil Anand, passed by the ITO, Ward 33(3), New Delhi u/s 143(3)/254 of the Act by following the aforesaid valuation report dated 23rd January, 2006, under similar directions from the ITAT on exactly the same facts and circumstances of the case has been furnished in support which has been placed on record. However, in the present case, the ld. Assessing Officer has totally ignored the valuation report submitted by the assessee during the assessment proceedings of the case and the same valuation obtained by him from the Valuation Officer of the Income-tax Department. It may further be stated that there is specific provision made under section 55A of the Income-tax Act, whereby with a view to ascertaining the fair market value ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al placed before us. After considering the arguments of learned DR and perusal of the assessment order as well as CIT(A)'s order, we do not find any infirmity in the order of learned CIT(A). It is not in dispute that after the set aside of the matter by the ITAT, the Assessing Officer got the property valued from the DVO of the Incometax Department. The valuation report was received by him during assessment proceedings but ignoring the valuation report, he estimated the fair market value of the land as was done originally. Learned CIT(A) has rightly pointed out that there is a specific provision under Section 55 of the Income-tax Act, 1961 whereby, once the valuation report is obtained by the Assessing Officer, it is binding on him. The CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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