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2016 (5) TMI 980 - ITAT AHMEDABAD

2016 (5) TMI 980 - ITAT AHMEDABAD - TMI - Valuation of immovable properties - matter refereed to Department Valuer for determining the fair market value - Held that:- While deciding the issue in favour of assessee ld.CWT(A) has given a finding that identical issue about the valuation of same property arose in assessee’s case for AYs 1987-88 & 1988-89 and that the Co-ordinate Bench of Tribunal had decided the issue in favour of assessee. Accordingly, the claim of the appellant that the valuation .....

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ccountnat Member Both these appeals by the Revenue are directed against the consolidated order of the Commissioner of Wealth Tax(Appeals)-VIII, Ahmedabad dated 21/03/2014 for the assessment year 1990-91 & 1991-92. 2. Before us, at the outset, both the parties submitted though the appeals of Revenue pertain to different assessment years, but the issue in both the appeals are identical and ld.CWT(A) has also passed a consolidated order. It was, therefore, submitted that the arguments made by t .....

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60,31,200/-. Aggrieved by the order of AO, matter was carried before CWT(A), who vide order dated 23/10/2007 decided the issue in favour of assessee. Aggrieved by the order of CWT(A), Revenue preferred appeal before the Hon ble Tribunal. Tribunal vide order dated 20/6/2008, with certain directions restored the issue back to the file of CWT(A). In the 2nd round, CWT(A) vide order dated 21/3/2014, decided the issue in favour of assessee. Aggrieved by the order of CWT(A), Revenue is now in appeal .....

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alth noticed that the value of immovable properties shown by the assessee was less than the fair market value. He accordingly, referred the matter to Department Valuer for determining the fair market value. The Valuer determined the value of Pratap Stud Farm at ₹ 62,87,000/-. Based on the valuation Report, AO valued Pratap Stud Farm and determined the taxable wealth of assessee at ₹ 60,31,200/-. Aggrieved by the order of the AO, assessee carried the matter before ld.CWT(A), who vide .....

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by the order of the ld.CWT(A), the Revenue is now appeal. 3. Before us, ld.DR supported the order of AO. On the other hand, ld.AR reiterated the submissions made before the AO & CWT(A) and supported the order of CWT(A). 4. We have heard the rival submissions and perused the material on record. We find that during the course of assessment proceedings, the value of immovable property, viz. Pratap Stud Farm as declared the assessee was held by the AO to be less than fair market value and, acco .....

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present appeals is therefore covered in assessee s favour by the decision of Tribunal in assessee s own case. The relevant observation of ld.CWT(A) reads as under:- 4.3. Decision: I have carefully considered the order and the submission made by the appellant during the course of appellate proceedings. The AO has taken the values of immovable properties owned by the appellant namely, Pratap Stud Farm on the basis of valuation report submitted by the Departmental Valuation Officer. In the first r .....

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ns of the valuation officer have been obtained. It is noted from the facts that the DVO has determined the valuation of the property as per his repor dated 01/05/1991 as on 31/03/1987, 31/03/1988, 31/03/1989 and 31/03/1990. It is noted that the DVO has estimated the valuation as on 31/03/1987 and increased the same by 10% for the subsequent three years. The appellant on the other hand had given an estimate which was at variance with the estimate given by the DVO. The appellant has submitted that .....

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e figures. The opportunity was also given to the DVO to explain the reasons for valuation however no satisfactory explanation could be given by the DVO in its reply during the current appellate proceedings. The dispute regarding valuation for assessment years 1987-88 and 88- 89 has been decided by honourable ITAT vide its order dated 16/07/2002. The appellant has produced a copy of that order before me during the course of appellate proceedings. It is noted that the honourable ITAT had accepted .....

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he report of Mr. M. G. Patel in respect of this property known as Prafap Stud Farm. The Assessing Officer is accordingly directed to consider the values of this property land and structure as under. A. AY. 1987-88 Rs.19,01,100/- B. AY.1988-89 Rs.19,87,600/- C. AY. 1989-90 Rs.20,79,600/- It is noted that the honourable ITAT has accepted the findings given by the CWT (A) in Para No.6 of the above referred order and had declined to interfere in the findings given by CWT(A). Since, the Hon. ITAT has .....

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