Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

PR. COMMISSIONER OF INCOME TAX Versus BHASKAR KRISHNAJI BARVE (HUF)

2017 (4) TMI 775 - GUJARAT HIGH COURT

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, considering the location advantage etc. and b .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

atisfied 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 and circumstances of the case and in law, the I .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

er 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.Mehta, learned counsel appearing on behalf of th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

red 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 aspects, the learned CITA determined the market .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 have carefully considered the finding of the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 form of auto-rickshaw and buses is available. Fur .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version