TMI Blog2018 (3) TMI 1602X X X X Extracts X X X X X X X X Extracts X X X X ..... O - Held that:- The approved valuer himself as determined the range from ₹ 385.80 per sq. mtr. to 823.83 per sq. mtr. However, it can be seen that in spite of the range determined by him, he has adopted ₹ 1100 per sq.mtr. In doing so, the valuer has considered some extraneous consideration inasmuch as he has given much weigtage to the involvement of unaccounted money at the time of dealing and execution of the sale/transfer of the properties. Ld. counsel himself agreed that the observations of the approved valuer are unwarranted and uncalled for. The ld. counsel fairly conceded that the average of the range rates may be taken as the FMV as on 01.04.1981 which comes to around ₹ 605 per sq. mtr. - FMV of ₹ 1100 per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of valuation to the DVO. 3. The grievance relating to the eligibility of indexation from 1981-82 is no more res integra. Since the property sold was first held by the father of the assessee and the assessee received the said property through bill on the death of his father, the indexation benefit would be available from A.Y. 1981-82. This issue is well settled in favour of the assessee and against the revenue by the decision of the Hon ble High Court of Bombay in the case of Manjula J Shah 355 ITR 474 and by Hon ble Gujarat High Court in the case of Rajesh V Patel in Tax Appeal No. 13 of 2013 dated 17.04.2013. Since the First Appellate Authority has followed the decision of the Hon ble High Court (supra), we decline to interfere. 4. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... velopmental potentiality, additional facilities it any available B. By making local inquiries and inquiries to the concerned Govt./Semi Govt. Deptts and Real Estate Developers. C. Devaluation of Rupees and Liquidity in Capital Market. D. Factor Fl of property tax bill of this area, E. Increasing trend in the market values of the immovable properties at accelerated/rapid rates in real estate market due to growing economy at present. F. Restriction and Control of ULC (C R) Act 1976 as on 01/04/1981. G. ULC (C R) Act 1976 repealed in August 1999 and not in force at present in Gujarat. Rs.1100.00 per sq.mt as on 01/04/1981 The statement showing the instances of the sales of executed/registered during the period of last t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was ₹ 506.00 per one and percentage increase was 31 1.38. It was more and more during the years 2003 to 2010. At present at the time of sale deed executed/registered on 19-02-2010. It was approx ₹ 1625A per one gramme. It is ten times more than the value as on April 1981. At present the rate for the plot/land u/r is prevailing at ₹ 8000/- per sq mt according to ASR 2006 (Annual Statement of Rates - 2006) for the stamp duty purpose come into force with effect from 01/04/2008. The period of more than four years has been lapsed in 2006 and Govt. has not yet revised the rates of A.S.R.2006. The rate of A.S.R.2006 is not reflecting the rate prevailing at present in this area. It has come to know that the rate of devel ..... X X X X Extracts X X X X X X X X Extracts X X X X
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