TMI Blog2016 (9) TMI 1074X X X X Extracts X X X X X X X X Extracts X X X X ..... l for the assessee the area is almost four times and therefore, the data relied upon by the AO cannot be relied upon in toto, more particularly, since the sale instances at Sl. No.1 to 6 are of the financial year 1978-79, the average of which is less than ₹ 1000/- per sq. yard while the average of the sale instances in 1981 is around ₹ 1780 per sq. yard. Since, the FMV of the land as on 1.4.1981 is to be adopted and the value adopted by the assessee @ ₹ 1000 per sq. yard is much less than this average, as convinced that the value adopted by the assessee is fair, reasonable and based on the relevant data. In view of the same, thus direct the AO to adopt the same for arriving at the cost of acquisition necessary for arriving ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .e 2000 sq. yards forming part of site No.1 2, situated at Jail Road, Gulbarga as their capital contribution and the land was valued at ₹ 76,50,000 and accordingly the assessee worked out the value as on 1.4.1981 at ₹ 1000 per sq. yard by relying upon the transaction which has taken place relating to Plot No.81 admeasuring 133.33 sq. yards situated in the Super Market Area, Jail Road which was purchased by Smt. Vanamala in an open auction held on 28.08.1978 for ₹ 1,80,000 which works out to ₹ 885/- per sq. yard. The AO observed that the assessee has stated that the said plot was in the interior area while the plot Nos.1 2 belonging to the assessee are on the main road and accordingly the fair market value as on 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , supported the orders of the authorities below as well as the certificate given by the Sub Registrar, Gulbarga with regard to the valuation of the property. 4. Having regard to the rival contentions and the material placed on record, we find that the property, in question, was purchased in the year 1967 and therefore, for arriving at the cost of acquisition, the fair market value of the property as on 1.4.1981 was necessary to be arrived at. The assessee as well as the Revenue have relied upon the sale instances in the year 1981 and also of plots in the same area also sold by way of Govt. auctions. The details are as under: From the certified copies obtained, the following details are obtained: S.No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 88,000 660 7 98 Govt. Auction 24.04.1981 2548/82-83 22.02.1983 88.89 1,56,000 1,56,000 1,755 8 103 Govt. Auction 22.04.1981 2649/82-83 07.03.1983 88.89 1,61,000 1,61,000 1,811 9 102 Govt. Auction 24.04.1981 2648/82-83 07.03.1983 88.89 1,61,000 1,61,000 1,811 5. From the details of the sale instance of plots i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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