Feedback   New User   Login      
Tax Management India. Com TMI - Tax Management India. Com
Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Case Laws Manuals Short Notes Articles SMS News Highlights
        Home        
Extracts
Home List
← Previous Next →

Jai Prakash S/o. Sh. Girdhari Lal Versus ITO Ward-1 (3) , Meerut

2016 (3) TMI 1061 - ITAT DELHI

Adoption of fair market value as at 1-4-1981 of the property sold by the assessee - Held that:- The rates adopted by the AO by obtaining the same from the office of District magistrate for 1984 cannot be applied for determining fair market value of property as at 1-4-1981. Therefore we are also not approving the rates adopted by the AO as well as by assessee. Therefore according to the law it is for the assessee to substantiate fair market value of the property by submitting the valuation report .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

later than four months from the date of receipt of this order. After that AO may act according to the provision of section 55A of the Income tax Act and decide the issue on merits. In view of this ground no 1 of the appeal is set aside to the file of AO with above direction to consider the valuation report, if any, submitted by the assessee in above time frame. - Decided in favour of assessee by way of remand

Addition of deduction u/s 54B - whether the assessee has purchased agricult .....

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 cheque nos mentioned in the sale deed and the bank account are same and same has not be disputed by the ld DR. Hence assessee is entitled for the benefit of deduction u/s 54B of the act. - Decided in favour of assessee - ITA No. 5456/Del./2014 - Dated:- 19-2-2016 - SHRII.C. SUDHIR, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER For The Assessee : Sh. V.K. Goel, Adv For The Revenue : Sh. Sheodan Singh Bhaddoria, Sr. DR ORDER PER PRASHANT MAHARISHI, A. M. 01. This appeal is pre .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

O. is more than 15 Km away from the assessee's land. Hence, the assessee's claim® 125/-persq. yd. is quite justified. 2. That Ld. A.O. as well as Ld. CIT(A) is in error that rebate U/s 54B is not available to the assessee, when assessee purchased agriculture land in the name of his wife and payment was made by the assessee's bank account and Ld. CIT(A) ignored the bank account and sale deed already filed before the CIT(A) in paper-book.. 02. Ground No 1 of the appeal is against 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

81 nor submitted any comparative prevailing sale rate which can be helpful in determining the cost of acquisition. Therefore AO obtained circle rate fixed by district Magistrate Meerut as on 01.02.1984 and based on that determined the rates as at 1-4-1981 @ ₹ 70/- per square yard. AO was constrained to adopt that rate because no rate was fixed in the village to which the land was situated in and AO could not obtain rates as at 1-4-1981. The assessee was aggrieved with the adoption of this .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ation report of one Smt Sarala Kumari and others dated 22.03.2011, wherein the rate of ₹ 150/- per sq yard is taken by authorized valuer. He also submitted that the AO does not have any power to estimate the fair market value as at 01.04.1981 therefore he requested that the AO may be directed to take fair market value by adopting rate of ₹ 150/- per square yard as claimed by the assessee. 03. In response to this the ld DR relied on the orders of the learned Commissioner of Income-tax .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

on the 1st day of April, 1981 at the option of the assessee. The fair market value of the assets can be determined u/s 55A of the income tax act according to the option of AO. Therefore assessee has been given an option to get deduction of the cost of acquisition of the assets or the fair market value of the property as at 1-4-1981 in the case assets is acquired before 1-4-1981. In this case assessee has not exercised option to adopt the fair market value of the property as at 1-4-1981 by subst .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ssessing requisite qualification. Therefore the rates adopted by the AO by obtaining the same from the office of District magistrate for 1984 cannot be applied for determining fair market value of property as at 1-4-1981. Therefore we are also not approving the rates adopted by the AO as well as by assessee. Therefore according to the law it is for the assessee to substantiate fair market value of the property by submitting the valuation report obtained from authorized valuer. If the assessee do .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

this order. After that AO may act according to the provision of section 55A of the Income tax Act and decide the issue on merits. In view of this ground no 1 of the appeal is set aside to the file of AO with above direction to consider the valuation report, if any, submitted by the assessee in above time frame. Needless to say that the AO was required to give proper opportunity of hearing and the assessee is also free to adduce the value claimed by it supported by proper valuation report in acco .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

as disallowed the claim. Regarding the other agricultural land the assessee has purchased same in the name of his wife Smt. Kunta and not in the name of the assessee. Due to this AO disallowed the deduction of ₹ 6 lacs u/s 54B of the act claimed by the assessee. Aggrieved by this the assessee preferred an appeal before learned Commissioner of Income-tax (Appeals), who confirmed the order of the AO by holding that appellant has not been able to produce any evidence that the funds for purcha .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Discussion Forum
what is new what is new
 


Share:            

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version