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The Assistant Commissioner of Income Tax, Non Corporate Circle -4, Chennai Versus Smt. Geetha Durai

2016 (9) TMI 1181 - ITAT CHENNAI

Reference to valuation officer - whether CIT(A) erred in referring the valuation of land to the Valuation Officer? - Held that:- In the course of assessment proceedings, the assessee has filed valuation report supporting the value as on 01.04.1981 alongwith building which is disputed by the ld. Assessing Officer and calculated Long Term Capital Gains. Aggrieved by the order, the assessee filed an appeal before the ld. Commissioner of Income Tax (Appeals). In appellate proceedings, the ld. Commis .....

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provisions, the ld. Commissioner of Income Tax (Appeals) powers are co-terminus with the ld. Assessing Officer and within provisions of law on referring to the valuation officer. Hence, considering the provisions of law, material on record and judicial decisions, we are not inclined to interfere with the orders of the Commissioner of Income Tax (Appeals) who has dealt exhaustively on provisions and facts viz-a-viz explanation of the assessee and we dismiss the grounds of the Revenue. - I.T.A. No .....

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ome Tax Act, 1961 (herein after referred to as the Act ). 2. The Revenue has raised the following grounds of appeal:- 2.1 The learned CIT(A) erred in referring the valuation of land to the Valuation Officer. 2.2 The ld.CIT(A) failed to appreciate that the case of assessee is distinguishable from the decision of Madras High Court in 'the case of Shri.Appadurai Vijayaraghavan as in the case of Appadurai Vijayaraghavan there was a distress sale of property. 2.3 The Ld.CIT(A) failed to consider .....

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ssued. The ld. Assessing Officer called for furnishing of details of Bank statements, tenancy agreement, corporation tax paid payment, investments made during the financial year and Books of account. In compliance to notice, the ld. Authorised Representative of assessee appeared from time to time and submitted the information. The ld. Assessing Officer found that the assessee has not admitted Long Term Capital Gains on sale of House property, but filed details of purchase and sale deed. The asse .....

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letter dated 25.11.2010 informed that the value of the land per ground as on 01.04.1981 is @80,000/- and the same value was adopted by the ld. Assessing Officer. The ld. Assessing Officer verified the settlement deed and not satisfied with the action of demolition of the Building in the year 1996 and further perused the demolition permit issued by the Corporation on 19.01.1995 and is of the opinion that there is no existence of Building on land and adopted the value of Building as on 01.04.1981 .....

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Gains and passed order with other additions u/s.143(3) of the Act dated 31.12.2010. Aggrieved by the order, the assessee filed an appeal before Commissioner of Income Tax (Appeals). 4. .In the appellate proceedings, the ld. Authorised Representative of assessee argued the grounds and explained that the action the ld. Assessing Officer is against the provisions of law. The assessee has adopted Fair Market Value of the property as on 01.04.1981 @80,000/- per ground instead of @8,50,000/- as per v .....

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order on the valuation of land and building and adopting fair market value and relied on the judicial decisions referred at page 4 to 9 of the ld. Commissioner of Income Tax (Appeals). The assessee has also objected for adoption of the Sub-Registrar value for computation of Capital gains. The ld. Commissioner of Income Tax (Appeals) placed reliance on the Jurisdictional High Court decision in the case of Sri Appadurai Vijayaraghavan vs. JCIT (2014) 369 ITR 486 and the decision of Mumbai Tribuna .....

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) erred in referring the valuation of land to the valuation officer which is against law and decision of the Jurisdictional High Court which is distinguishable because of distress sale. The ld. Assessing Officer relied on value as per report of the Sub-Registrar, being a component authority of State Government. Therefore, the action of the ld. Commissioner of Income Tax (Appeals) referring to the valuation officer is not appreciated. The assessee has adopted fair market value of land as on 01.04 .....

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and vehemently opposed to the grounds. 7. We heard the rival submissions, perused the material on record and judicial decisions cited. In the course of assessment proceedings, the assessee has filed valuation report supporting the value as on 01.04.1981 alongwith building which is disputed by the ld. Assessing Officer and calculated Long Term Capital Gains. Aggrieved by the order, the assessee filed an appeal before the ld. Commissioner of Income Tax (Appeals). In appellate proceedings, the ld. .....

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ssioner of Income Tax (Appeals) are Co-terminus with ld. Assessing Officer. The provisions of Sec. 251(1) of the Act are as under:- (1) In disposing of an appeal, the Commissioner (Appeals) shall have the following powers- (a) in an appeal against an order of assessment, he may confirm, reduce, enhance or annul the assessment ; (aa) in an appeal against the order of assessment in respect of which the proceeding before the Settlement Commission abates under section 245HA, he may, after taking int .....

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e may pass such orders in the appeal as he thinks fit . and referring to the valuation officer, the ld.CIT(A) directions are within the provisions of law. The valuation officer has to ascertain the fair market value of capital asset and the provisions u/sec. 55A are as under:- With a view to ascertaining the fair market value of a capital asset for the purposes of this Chapter, the Assessing Officer may refer the valuation of the capital asset to a Valuation Officer- (a) in a case where the valu .....

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