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2016 (4) TMI 1114 - ITAT DELHI

2016 (4) TMI 1114 - ITAT DELHI - TMI - Basis of valuation - determination of value of assets - Held that:- In this case, the assessee has produced all the records including the agreement between the API & that the assessee company, the confirmation as well as the affidavit categorically stated that the land was only acquired by the assessee company and the same will be given only to API & for that ₹ 20,000/- per acre will be given to the assessee company by API. This fact was never denied .....

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m Kanunjna, SR. DR For the Respondent : Sh. R. S. Singhvi, CA ORDER Per Suchitra Kamble JM These appeals are filed by the Department against the order dated 16/04/2010 passed by CIT(A) IX, New Delhi. 2. The grounds of appeal are as follows: 1. Whether on the facts and circumstances of the case & in law, the CIT(A) erred in holding that the basis of valuation considered by the A.O is found to be unjustified and not supported by any factual finding? 2. Whether on the facts and circumstances of .....

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143(3) of the Income Tax Act for the Assessment Year 2009-10, it was noticed that the assessee was having urban land for more than 10 years as stock-in-trade in closing stock. This fact was admitted by the assessee s representative during the assessment proceeding. Notice u/s 17 of the Wealth Tax Act was issued on 31/3/2012. The assessee submitted before the A.O that the assessee has shown closing stock to the tune of ₹ 65,80,345/- in its audited account for Assessment Year 2009-10. The as .....

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y certified. The assessee further submitted before the Assessing Officer that these projects were already sold by the developer company and there was no stock of land available with the company. However, inadvertently entry of transfer of value of such lands was not made in the accounts of the company. The assessee company was not empowered to sell or transfer or deal with any part of the land acquired by API in the name of the assessee company. The assessee company was entitled for service char .....

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are not saleable and does not have market value. These are part of balances to be transferred to the accounts of API which inadvertently was not done in the accounts of the assessee company. In the event of any land or part thereof being acquired by the Government, the compensation received by the assessee company was on account of API and was liable to the reimbursed by the assessee company to API. The assessee filed an affidavit signed by the Director of the company stating therein all the ab .....

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ate was verified by the Assessing Officer. The CIT (A) held that the Assessing Officer did not refer the matter to the valuation Instead the Assessing Officer applied circle rates for residential land applicable for Assessment Year 2010-11. However, in applying the circle rate as the basis of valuation the A.O ignored the restrictions and its additions attached to the asset as held by higher courts. The CIT(A) further held that the circle rate is applicable only when the asset is saleable at the .....

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