TMI Blog2012 (11) TMI 1098X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Commissioner (Appeals) and the Assessing Authority are set aside - Decided against the revenue. - ITTA No. 111 of 2012 - - - Dated:- 26-11-2012 - GODA RAGHURAM AND M.S.RAMACHANDRA RAO, JJ. JUDGMENT Goda Raghuram, J. We find no merit in this appeal preferred by the Revenue under Section 260-A of the Income-tax Act, 1961 (for short 'the Act') assailing the order of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o ₹ 3,01,59,203/- and after deducting this from total sale consideration, the assessee offered to tax long term capital gains at ₹ 2,16,70,797/- by claiming an expenditure of ₹ 40,00,000/-, By the order of Assessment dated 31-12-2008, the Assessing Officer on coming to the conclusion (on the basis of a certificate obtained from the Sub-Registrar that the fair market value of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the guidelines in 1976 which were not revised till 1995; and its guideline value/basic value register was not prepared scientifically. The Tribunal also followed its earlier decision in ACIT v. Sri Narasing Rao HUFin IT Appeal No. 1240/Hyd/2007 dated 26-9-2008 for concluding that it is prudent on the part of the lower authorities to estimate the fair market value as on 1-4-1981 on the basis of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity in the reasoning and the conclusion on facts recorded by the Tribunal, warranting interference under Section 260-A of the Act. The appeal is therefore dismissed after hearing the learned Standing counsel for the appellant Sri J.V. Prasad and Sri K. Vasanth Kumar, the learned counsel for the respondent-assessee who has appeared pursuant to the notice on admission issued by this Court on 20-3-20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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