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2016 (9) TMI 1074 - ITAT HYDERABAD

2016 (9) TMI 1074 - ITAT HYDERABAD - TMI - Addition debiting the cost of appreciation as on 1.4.1981 - capital gain computation - Held that:- From the details of the sale instance of plots in the same area during the same period i.e. March, 1978 to 20.04.1981, it is noticed that the Market Value has varied between ₹ 371 per sq. yard to ₹ 1811 per sq.yard. Wide difference can be attributed to a number of factors such as location, extent of land and the taste of bidders. The area of pl .....

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d ₹ 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 at the capital gain. In view of the same, the assessment order is set aside. - Decided in .....

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rm engaged in the activity of exhibition of films. It filed its return of income for the A.Y 2002-03 on 30.10.2002 declaring total income of ₹ 5,95,690. During the assessment proceedings u/s 143(3) of the I.T. Act, the AO observed that the assessee has declared income under the head capital gains . While examining the correctness of the same, AO went into the details and observed that the assessee had acquired the land admeasuring 4533 and 2266 sq. yards situated at Jail Road, Gulbarga for .....

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d 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 i .....

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to four sale instances the average of which worked out to ₹ 550/- per sq. yard. The AO, therefore, issued a show cause notice as to why the cost of acquisition should not be adopted at ₹ 525 per sq. yard. The assessee filed its detailed reply justifying its computation. The AO however, adopted ₹ 525/- per sq. yard as the cost of acquisition for computation of the capital gain against which the assessee preferred an appeal before the CIT (A), who confirmed the assessment order .....

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so govt. auctions, the assessee has adopted ₹ 1000 per sq. yard which is reasonable and justified. The learned DR, on the other hand, 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, .....

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ue per sq. yard 1 82 Govt. Auction 28-8-1978 516/81-82 12.05.1981 133.33 70,000 70,000 525 2 72 Govt. Auction 15.03.1978 1250/80-81 11.07.1980 133.33 49,500 49,500 371 3 77 Govt. Auction 15.03.1978 1404/80-81 28.07.1980 133.33 53,500 53,500 401 4 12 Private Sale 2481/80-81 26.11.1980 133.33 1,20,000 1,20,000 909 5 62 Govt. Auction 15.03.1978 777/82-81 28.06.1982 133.33 1,41,000 1,41,000 1,058 6 80 Govt. Auction 15.03.1978 2476/82-83 10.02.1983 133.33 88,000 88,000 660 7 98 Govt. Auction 24.04.19 .....

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