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2016 (3) TMI 1061 - ITAT DELHI

2016 (3) TMI 1061 - ITAT DELHI - TMI - 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 prop .....

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the property from authorized valuer not 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 - whet .....

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account of the assessee it is apparent 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 .....

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, because all the area quoted by the A.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. .....

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et value of the property as on 01.04.1981 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 w .....

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70/ sq mtr. For this he submitted valuation 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 .....

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e or the fair market value of the asset 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 .....

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himself as it is the job of a person possessing 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 fro .....

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our 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. 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 suppo .....

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i.e. 05.05.2008 and therefore the AO has 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 .....

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