GST Helpdesk   Subscription   Demo   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
What's New Case Laws Highlights Articles News Forum Short Notes Statutory TMI SMS More ...
Extracts
Home List
← Previous Next →

2015 (12) TMI 128 - ITAT DELHI

2015 (12) TMI 128 - ITAT DELHI - TMI - Validity of the reference made to DVO under Section 58 - which report to be adopted either of DVO or of Registered Valuer? - Held that:- Both the registered valuer as well as the DVO had not referred to any comparable instances and simply adopted the value without any reference of the supporting material. The term ‘fair market value’ has been defined under the provisions of Section 2(22B) of the Act to mean that the fair market value to the value which asse .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ng fair market value. Hence, we are of the considered opinion that interest of justice would be met, if the matter is restored back to the file of the Assessing Officer for de novo assessment. Accordingly, the matter is restored back to the file of the Assessing Officer for de novo assessment, after affording reasonable opportunity of being heard to the assessee. - Decided in favour of revenue for statistical purposes. - ITA No. 6081/Del/2013, ITA No. 6358/Del/2013 - Dated:- 23-9-2015 - Shri Int .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

1/Del/2013 are as follows: 1. Whether on the facts and in the circumstances of the case, the Ld. CIT(A) has erred in directing the AO to adopt, for computation of capital gains, the cost of acquisition as on 01.04.1981 as declared by the assessee on the basis of the Fair Market Value (FMV) estimated by a Registered Valuer, in precedence over the FMV as on 01.04.1981 as estimated by Departmental Valuation Officer (OVO). 2. Whether on the facts and in the circumstances of the case, the Ld. CIT(A) .....

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 adjoining areas, a finding contrary to the facts on record in view of the categorical observations of the registered valuer in his report that there was no comparable sale instances in the locality. 4. Whether on the facts and in the circumstances of the case, the Ld CIT(A) has erred in not appreciating the fact that the OVO had estimated the FMV as on 01.04.1981 in an objective and scientific manner, adopting OOA land rates as available in Nabhi's guide to house Tax after duly consideri .....

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 judgment in the case of CIT v Raman Kumar Suri (ITA 6961 of 2010, Bombay High Court), not appreciating that the facts of the case are materially different. In the said case, the AO chose to himself apply the rates mentioned in the Nabhi's Guide to House Tax and estimate the FMV of the property, whereas in the case under consideration the valuation was arrived at by the OVO in an objective and scientific manner. 6. The appellant prays for leave to add, amend, modify or alter any grounds 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

n for the scrutiny assessment and the assessment came to be completed under Section 143(3) of the Income-tax Act, 1961 (for short the Act ) vide order dated 30th March, 2013 at a total income of ₹ 7,18,82,000/-. While doing so, the Assessing Officer made addition of ₹ 2,97,98,800/- under the head long term capital gains. The factual matrix leading to this addition is as under: (a) During the previous year relevant to the assessment under consideration, the respondent assessee sold ho .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

et value as on 01.04.1981 for the purpose of cost of acquisition for determination of cost of acquisition and fair market value was substituted in the place of actual cost as the asset of acquisition was acquired prior to that and the fair market value as per the report of Government Approved Valuer, R. L. Walecha & Associates Pvt. Ltd. (No. CAT.I-368/1997-98) was adopted at ₹ 1,01,00,000/- and after indexing the same, the cost of acquisition worked out at ₹ 6,38,32,000/- and sur .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

)-XXIX, New Delhi, who vide order dated 24th September, 2013 allowed the appeal relying upon the decision of the Hon ble Bombay High Court in the case of CIT Vs. Raman Kumar Suri (ITA No. 6962 of 2010), 27.11.2012, vide pars 5.4 & 5.5, which read as under: 5.4 Regarding adopting of land rates as per Nabhi' s Guide to House tax in Delhi, the contentions raised by the appellant have force. It will not be proper to apply mechanically the land rates as prescribed by some private agency witho .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

out by backward indexation and it comes out to be ₹ 54,365 per sq meter (3,43,590 * 632/100). The DVO has rejected this objection by simply saying that land rate adopted by him is more reasonable. On the face of it, there appears to be no reasons for not relying upon report of registered valuer. Further, the appellant has relied upon Hon'ble Bombay High Court decision in case of CIT v Raman Kumar Suri (ITA 6962 of 2010). I have gone through the said judgment copy of which has been fur .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ently argued that the CIT(A) was not justified in not taking into cognizance of DVO s report and such report is based on the comparable instances, therefore, there was no basis to ignore the report of the DVO. Hence, he submitted that the report of the DVO should be adopted for the purposes of ascertaining the fair market value of the property sold as on 01.04.1981 and not the value as per report as it was made arbitrary. 4. On the other hand, learned counsel for the respondent assessee submitte .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

360 ITR 680 (Bom.); iii. CIT Vs. Gauranginiben S. Shodhan, [2014] 367 ITR 238 (Guj.); iv. ACIT Vs. Sh. Raman K. Suri, ITA No. 4242/Mum./09, AY-2006-07, Dt. 30.04.2010 5. We heard the rival submission and perused the material on record. At the first instance, we shall deal with the validity of the reference made to DVO under Section 58 of the Act. The respondent assessee has challenged the validity of the reference made to the DVO before the CIT(A) on the ground that the Assessing Officer had no .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Advanced Search


Latest Notifications:

    Dated      Category

20-7-2017 Cus (NT)

20-7-2017 GST CESS Rate

19-7-2017 IT

19-7-2017 IT

18-7-2017 IT

18-7-2017 CE (NT)

18-7-2017 CE

18-7-2017 GST CESS Rate

15-7-2017 Kerala SGST

14-7-2017 Andhra Pradesh SGST

14-7-2017 Cus (NT)

14-7-2017 Cus

13-7-2017 Co. Law

13-7-2017 Co. Law

13-7-2017 ADD

13-7-2017 ADD

12-7-2017 Jammu & Kashmir SGST

12-7-2017 Gujarat SGST

12-7-2017 Gujarat SGST

12-7-2017 CGST Rate

More Notifications


Latest Circulars:

21-7-2017 Goods and Services Tax

20-7-2017 Goods and Services Tax

20-7-2017 Goods and Services Tax

19-7-2017 Goods and Services Tax

19-7-2017 Income Tax

18-7-2017 Customs

17-7-2017 Customs

14-7-2017 Income Tax

13-7-2017 Central Excise

13-7-2017 Customs

More Circulars



|| 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