New User   Login      
Tax Management India .com TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2015 (10) TMI 1435 - ITAT PANAJI

2015 (10) TMI 1435 - ITAT PANAJI - TMI - Determination of Fair Market Value - determination of claim of deduction u/s 54EC - Held that:- As neither the basis on which the AO has made the valuation nor the valuation report of the Assessee is before us, we are unable to ascertain all the facts in the present case. In these circumstances, in the interest of justice we are of the view that the issue of Fair Market Value of the said two properties as on 1.4.1981 is liable to be restored to the file o .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Ali Khan, Ld. DR ORDER Per George Mathan 1. ITA No. 427/PNJ/2014 is an appeal filed by the Revenue against the order of CIT(A), Panaji in ITA No. 97/MRG/14-15 dt. 22.9.2014 for the A.Y 2011-12 and CO No. 10/PNJ/2015 is the Cross objection filed by the Assessee in Revenue's appeal being ITA No. 427/PNJ/2014. Shri D.E. Robinson, Advocate represented on behalf of the Assessee and Shri Mehboob Ali Khan, ld. DR represented on behalf of the Revenue. 2. It was submitted by the ld. DR that in the Re .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

onal ₹ 29,80,000/- in the subsequent financial year on 16.4.2011. The Assessee had claimed the deduction u/s 54EC in respect of both the investments. The AO had denied the same on the ground that under Sec. 54EC deduction was restricted to ₹ 50 lacs. It was the submission that the ld. CIT(A) had allowed the Assessee's claim of deduction u/s 54EC as the investments were in two different financial years. The ld. DR vehemently supported the order of the AO. 3. In reply, the ld. AR s .....

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 valuation for the purpose of indexation as on 1.4.1981 at ₹ 4/sq. mtr. in respect of the property at Verna and ₹ 80/sq. mtr. in respect of the property at Murida. It was the submission that the Assessee had provided the valuation report on the basis of which the property at Verna was valued at ₹ 50/sq. mtr. and the property at Murida was valued at ₹ 250/sq. mtr. It was the submission that the AO had valued the said properties at ₹ 4/sq. mtr. in respect of the pr .....

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