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2017 (4) TMI 775 - GUJARAT HIGH COURT

2017 (4) TMI 775 - GUJARAT HIGH COURT - TMI - Calculation of the long term capital gain - Adopting / determining market value as on 1/4/1981 - Held that:- We are in complete agreement with the view taken by the learned CIT(A) as well as the learned tribunal while adopting / estimating the value of the land as on 1/4/1981 at ₹ 25/- per sq.mtr. As observed hereinabove, as such, the revenue has accepted the valuation of the land of the same village at ₹ 18/- per sq.mtr. That thereafter, .....

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CE M.R. SHAH) 1.00. Feeling aggrieved and dissatisfied with the impugned judgement and order passed by the learned Income Tax Appellate Tribunal, Ahmedabad dated 31/5/2016 passed in ITA No.821/AHD/2011 for the A.Y. 2007-08, by which the learned tribunal has rejected the appeal preferred by the revenue in determining the fair market value as on 1/4/1981 at ₹ 25/- per sq.mtr., revenue has preferred the present appeal with the following proposed questions of law :- (A). Whether on the facts a .....

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aw, the ITAT is justified in upholding the order of the CIT(A) without appreciating the fact that the order of the CIT(A) was based on assumption & surmises and his finding that the Department accepted the rate of the land @ 18 per sq.mtr. in the case of the assessee s brother was factually incorrect as the re-assessment proceeding in the case of Shri Shreekant K. Barve were in process during the pendency of appeal before the ld. CIT(A) in the case of the assessee ? 2.00. We have heard Mr.Me .....

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not accepted by the A.O. and the A.O. considered and/or adopted market price as on 1/4/1981 at ₹ 2.23 per sq.mtr. On an appeal preferred by the assessee and considering the fact that in case of one another assessee i.e. Shri Shreekant K. Barve, HUF (brother of the assessee) the revenue accepted the valuation as on 1/4/1981 at ₹ 18/- per sq.mtr. with respect to the very village. However, considering the location and the vicinity in which the land in question was situated and other as .....

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by the assessee. 4.00. Having heard Mr.Mehta, learned counsel appearing on behalf of the revenue and considering the reasoning given by the learned CIT(A) while adopting / determining market value as on 1/4/1981 at ₹ 25/- per sq.mtr., more particularly observations made in para 13.2, it cannot be said that the learned CIT(A) has committed any error in estimating the value of the land as on 1/4/1981 at ₹ 25/- per sq.mtr. In para 13.2 the learned CIT(A) has observed as under :- 13.2. I .....

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d that in the case of Shrikant K. Barve, HUF, the IT Department has accepted the rate of the land situated in the same vicinity at ₹ 18/- per sq.mtr. But in the appellant s case the value of the land adopted @2.23 per sq.mtr. is not justified. I have perused the copy of the survey map submitted before Mutation Entry No. Prima facie the appellant s land has locational advantage with regard to the roads, civic amenities like schools,hospitals, offices, markets, etc. Transportation in the for .....

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