TMI Blog2016 (5) TMI 1297X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of such method is stated that this being the time barring case, hence no sale instances were available. It is further observed by the DVO that the land is situated on Ancillary Road to Main Amer Road, just before Jorawar Singh Road Gate. From the observations of the valuation report, it can be inferred that the DVO has not given his finding with regard to the nature of land as on 15-01-2010 whether the land was being used for commercial purposes. We notice that there are clear contradictions in the evidences given by the JDA and the reasonings given by the DVO. It is incumbent upon the DVO to give clear finding about the nature of property as on 15-01-2010 i.e. when the land was transferred by the assessee. We feel that JDA is a co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rcumstances of the case and in law the ld. CIT(A) erred in confirming the action of the AO as well as Valuation Officer in determining the fair market value of the property sold by the assessee alongwith three other co-owners of equal share at ₹ 2,01,77,124/- against actual sale consideration received, accepted by the Sub-Registrar at the time of registration of sale deed at ₹ 1,00,00,000/- for stamp duty purposes. It is contended that the fair market value of the property determined by the Valuation Officer /AO is solely based on the decision of DIG (Stamps) who had made the upward revision of the stamp duty valuation of the property treating the same as commercial property in the form of vacant plot of land declared by the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he grievance in this appeal is that the DVO has failed to conduct the enquiry and in a mechanical manner assessed the value of the property which is contrary to the settled position of the law. He drew our attention to the valuation report and also the documents provided in the form of notings etc. by Jaipur Development Authority (for short JDA). To buttress the arguments as to the property in question remained residential and computing the market value by treating the same as commercial land is erroneous on facts as well as on law, the ld. Counsel for the assessee submitted that even otherwise also, the DVO s report cannot be sole basis for adopting the fair market value. The ld. Counsel for the assessee placed reliance of in the case of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... valuation by the DVO is DLC rate for corresponding land. The reason for adoption of such method is stated that this being the time barring case, hence no sale instances were available. It is further observed by the DVO that the land is situated on Ancillary Road to Main Amer Road, just before Jorawar Singh Road Gate. Presently, a hotel is running on the said plots. Besides these plots, some plots are still in residential use. It is noticed that the date of inspection of the property is stated to be 17-12-2012. However, the date of registration of sale deed is on 15-01- 2010. From the aforesaid observations of the valuation report, it can be inferred that the DVO has not given his finding with regard to the nature of land as on 15-01-2010 wh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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