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Dalip Singh Versus Income Tax Officer, Muktsar

2015 (6) TMI 426 - PUNJAB & HARYANA HIGH COURT

Reopening 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. T .....

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s 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. - ITA No. 284 of 2014 - Dated:- 25-5-2015 - S J Vazifdar, ACJ And G S Sandhawalia,JJ. For the Appellant : Mr Sandeep Goyal, Adv. For the Respondent : Mr Rohit Kaul, Adv., .....

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2006-07. 2. A search was conducted at the premises of one Rajan Setia. The documents seized at the search reflected transactions between the said Mr.Setia and one Y.Lali, who in turn, had purchased various pieces of land inter alia from the appellant's brother. The documents seized indicated that the lands were sold at a rate of about ₹ 19,837/- per marla. In the re-assessment proceedings, it is this rate which has been applied in the case of the appellant's transactions. 3. The a .....

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y the appellant one year before the sale of land by Shri Surjit Singh? 3. Whether on the facts and circumstances of the case, the Ld. AO was justified in applying the same rate of sale price of land as applied by Shri Surjit Singh even though the land of Shri Surjit Singh was located opposite to Office of Deputy Commissioner and was on the road whereas property of the appellant was on back of land of Shri Surjit Singh and would fetch lesser price?" 4. By an order dated 06.02.2015, the earli .....

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