TMI Blog2008 (1) TMI 10X X X X Extracts X X X X X X X X Extracts X X X X ..... d - ITR No. 112/1988 - - - Dated:- 18-1-2008 - Coram: HON'BLE MR. JUSTICE MADAN B. LOKUR HON'BLE MR. JUSTICE V.B. GUPTA V.B.Gupta, J. The Income Tax Appellate Tribunal (Delhi Bench 'E' Delhi) (in short as 'Tribunal') has referred the following question under Section 256(1) of the Income Tax Act, 1961 (in short as 'Act') for opinion of this Court:- "Whether on the facts and in the circu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The cost of acquisition was shown on the basis of the valuation report of Sh.Dinesh Krishna, registered valuer dated 30 th March, 1979. It was noticed by the Income Tax Officer that for the assessment year 1971-72, the same registered valuer has valued these very properties along with others vide valuation report dated 31 st May, 1971. The land was valued at Rs.4 per Sq.ft. and the old house a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... value of the old house at Rs.36 per Sq.Yd as on 1 st January, 1964. Thus the capital gain was determined by the Income Tax officer on the basis of the cost of acquisition. 3. The Assessee contested the decision of the Income Tax Officer before the Assistant Commissioner of Income Tax. The Assistant Commissioner of Income Tax agreeing with the reasoning of Income Tax Officer, refused to interf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... determining the costs of the property on 1 st January, 1964, the first report of the registered valuer could not be relevant. No reason has been shown that the earlier report should be ignored altogether. 7. As per findings of the Tribunal, the Income Tax Officer had worked out the cost of acquisition relying upon the Assessee's own evidence. There is no evidence that the house property of pl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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