9911796707
TMI Blog2014 (1) TMI 1886X X X X Extracts X X X X X X X X Extracts X X X X ..... an appeal by the Legal Heir of the deceased-assessee against the order dated 24/09/2008 of the Ld. CIT(A)-II, Jaipur. The following grounds have been raised in this appeal:- "1. The Ld. Commissioner of Income Tax (Appeals) has erred in facts and in law in computing Long Term Capital Gain at Rs. 36,38,160/- taking the fair market value of land as on 01/04/1981 at Rs. 200/- per sq. yards as agains ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 50 Lac. The said property was valued by the Sub-Registrar for the purpose of stamp duty at Rs. 50,07,792/-. The assessee worked out the Long Term Capital Gain at Rs. 4,006/- by taking the value of the property as on 01/04/1981 @ Rs. 1,400/- per sq. yard. The AO, however, adopted the fair market value as on 01/04/1981 at Rs. 187/- per sq. yard on the basis of comparable case of Shri Ganga Singh Tom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 5,50,000/- with a construction which was incomplete. It was claimed that the copy of said sale deed was furnished before the authorities below. It was stated that the property of the assessee situated at Bani Park, Jaipur, was having the better location because this locality is prime residential colony of the city of Jaipur and the roads are wide as compared to that of Bhawani Singh Road. It wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s that the comparable case cited by the assessee was either not brought to the notice of the authorities below or due to oversight it was not considered by the AO/Ld. CIT(A). We, therefore, deem it appropriate to restore this issue back to the file of the AO to be decided afresh in accordance with law after providing due and reasonable opportunity of being heard. The legal heirs of the deceased-as ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
