TMI Blog2016 (1) TMI 934X X X X Extracts X X X X X X X X Extracts X X X X ..... O No. 235, 234, 236/Ahd/2012 - - - Dated:- 4-12-2015 - Shailendra Kumar Yadav, JM And Rajesh Kumar, AM For the Appellant : Ms Sanyogita Nagpal, Sr. DR For the Respondent : Shri Hardik Vora, AR ORDER Per Shailendra Kumar Yadav, Judicial Member The only appeal by the Revenue and three Crossobjections by different assessees are pertained to same group; therefore, these were heard together and are being disposed of by this consolidated order for the sake of convenience. ITA No. 2114/Ahd/2012: AY 2008-09 2. This is an appeal filed by the Revenue against the order of the Commissioner of Income-Tax (Appeals), Valsad dated 20.07.2012 for Assessment Year 2008-09, on following grounds:- On the facts and circumstances ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 377; 108/- per Sq. Mtr. While completing the assessment u/s. 143(3) of the Act, the Assessing Officer adopted fair market value of the land of ₹ 43/- per Sq. Mtr. as on 01.04.1981 and determined indexed cost of ₹ 17,94,520/- and worked out long term capital gain at ₹ 27,08,654/-. 4.1 Being aggrieved by the order of the Assessing Officer, the assessee carried the matter in appeal before the First Appellate Authority, who having considered the submissions of the assessee, has directed the Assessing Officer to adopt fair market value for the year 1981 at ₹ 76/- per Sq. Mtr, thereby partly allowed the appeal of the assessee. This has been opposed by the Revenue inter alia submitting that the CIT(A) has erred in deleti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ates, as per valuation report dated 28.2.2008 Rs.108/- per sq. meter From the above, it seems that on one hand the report of SubRegistrar, Daman, is ranging from minimum ₹ 33 per sq.meter to a maximum of ₹ 165/- per sq. meter whereas the report of registered valuer who is a person with technical expertise for the purpose of valuation has given the rate of ₹ 108/- per sq.meter for the purpose of valuation by considering more than one instances of sale/transfer of land at Ringanwada, Nani Daman. In other words the govt. approved valuer has tried to arrive at quite close to the fair market value of the said land due to his adoption of scientific and technical method. We further notice that AO h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llowed. 4.2. Thus, the Tribunal has directed the Assessing Officer to adopt the fair market value of the asset as on 1.4.1981 at ₹ 102/- only. Nothing contrary was brought to our knowledge on behalf of the Revenue. Facts being similar, so following same reasoning, the Assessing Officer is directed to adopt the fair market value of the asset as on 1.4.1981 at ₹ 102/- per sq. meter and re-compute the same accordingly. 5. Thus the appeal of the Revenue is dismissed and Crossobjection filed by the assessee is partly allowed as indicated above. CO No.234/Ahd/2012: AY-2008-09 (Dharmesh J. Desai) CO No. 236/Ahd/2012: AY-2008-09 (Sangeetaben R. Desai) 6. With regard to above referred two cross-objections, the respective ..... X X X X Extracts X X X X X X X X Extracts X X X X
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