Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2015 (7) TMI 488 - PUNJAB & HARYANA HIGH COURT

2015 (7) TMI 488 - PUNJAB & HARYANA HIGH COURT - TMI - Capital gains on account of the transfer of the immovable properties - ITAT directing the Assessing Officer to adopt the value as on 01.04.1981 at the rate of ₹ 2,833/- per marla ignoring report of the Valuation Officer who took 12 instances including 2 sale instances given by the assessee in arriving at value of 1118 per marla of the land as on 01.04.1981 - Held that:- The Tribunal's reliance upon the instances of sale furnished by th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

hile firm upon the dissolution of the firm. In this regard, the Tribunal accepted the rate of ₹ 12,500/- per marla as contended by the assessee and did not accept the rate of ₹ 45,350/- per marla as computed by the Valuation Officer and accepted by the Assessing Officer. The Tribunal rightly noted that the sale instances relied upon by the Assessing Officer were irrelevant as they pertained to small piece of lands admeasuring from 1.5 marlas to 6 marlas, whereas the land in question .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X



Adoption of the value of the factory building land sold on 01.04.2002 @ ₹ 12,500/- per marla which is a rate of agriculture land whereas the sale was of commercial property - Held that:- Considering the age of the factory sheds, the Tribunal came to the conclusion that the written down value as declared in the books of account ought to be taken into consideration. The Tribunal set aside the addition of ₹ 14,75,292/- on account of short term capital gains observing, inter .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the order. The matter pertains to the assessment year 2002-2003. 2. The appellant contends that the following issues raise substantial questions of law:- (i) Whether on the facts and in the circumstances of the case and in law the Hon ble ITAT has erred in directing the Assessing Officer to adopt the value as on 01.04.1981 at the rate of ₹ 2,833/- per marla without appreciating the material on record and without taking into account the report of the Valuation Officer who took 12 instances .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ituted w.e.f. 04.07.1981 under the Partnership Act, 1932. On 19.12.2001, the firm stood dissolved under the deed of dissolution. One of the partners took over the assets and liabilities of the firm. Another firm was constituted under the deed of partnership dated 21.12.2001 comprising one of the erstwhile partners and his son. 4. We proceed on the basis that the erstwhile firm is liable to capital gains on account of the transfer of the immovable properties. The Tribunal has rightly valued the p .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

f of the assessee on the ground that they were in respect of the properties in close proximity to the land owned by the assessee. Copies of registered sale deeds were relied upon in this regard. The Tribunal's reliance upon the instances of sale furnished by the assessee cannot be said to be perverse or irrational. Absent anything else, proximity of the land in question is not only an important, but a relevant factor. The Tribunal, therefore, accepted the valuation of ₹ 2833/- per marl .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version