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Income Tax Officer, Shri Darmesh Jashwantrai Desai, Smt Sangeetaben R. Desai, L/H Bhuriben M. Desai Versus Shri Ishwarlal Gulabbhai Desai (HUF) , Income Tax Officer

2016 (1) TMI 934 - ITAT AHMEDABAD

Capital gain computation - adoption of fair market value as on 01.04.1981 - Held that:- 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. .....

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ence. 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 of the case, and in law, the learned CIT(A) has erred in deleting the addition made on account of long term capital gain of ₹ 13,73,195/-. CO No. 235/Ahd/2012: AY 2008-09 (Babubhai N. Desai) 3. The grounds of Cross-objections filed by the ass .....

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Assessing Officer and confirmed by Commissioner of Income-tax (Appeals) may please be deleted. 4 Appellant craves leave to add, alter or delete any ground(s) either before or in the course of hearing of the appeal. 4 The brief facts of the case are that, during the year under consideration, the inherited agricultural land bearing S. No. 65/3-D at village Ringanwada, Nani Daman was sold, wherein the assessee's share in total consideration was ₹ 68,74,700/-. As against the said share in .....

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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 deleting the addition made o .....

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3/Ahd/2012 and 479/Ahd/2012, wherein vide paragraph 9, under similar facts and circumstances, held as under:- 9. We have heard the rival contentions and gone through the facts and circumstances of the case as well as Paper Book and submissions made by the assessee and submissions of ld. DR. From the perusal of records, this is a fact that there have been different rates available as on 1.4.1981 in relation to arrive at the cost of acquisition of the piece of land sold by the assessee. These rate .....

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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 scie .....

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rket value of the asset because Valuation Officer is a person of technical knowledge for the purpose of such valuation. In the present case no such reference was made by the AO to approach the valuation officer. We, therefore, find it appropriate to give cognizance to various rates as referred to above in such a way so as to cover the rates for the purpose of valuation given by Sub- Registrar, Daman to the AO, rates given by Sub-Registrar, Daman to the assessee as well as the rate given by the g .....

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