TMI Blog2011 (9) TMI 1206X X X X Extracts X X X X X X X X Extracts X X X X ..... at ₹ .2.50 lakhs per ground in the absence of existence of any real sale, whereas, in the appeal of the assessee, the challenge is with regard to fixing of fair market value as on 01.04.1981 at ₹ .2.50 lakhs per ground when as per assessee s valuer, it is ₹ .7.00 lakhs per ground when the ld. CIT(A) has failed to consider index cost of the building not allowed as deduction and exemption under section 54 for long term capital gain in working and was also not allowed. 3. The only ground raised by the Department and second issue raised in the appeal of the assessee pertains to fixing the fair market value at ₹ .50,000/- by the Assessing Officer against ₹ .7.00 lakhs declared by the assessee and ₹ .2.50 la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 ITR 500. Therefore, the plea of the assessee in this regard should be dismissed. 6. After having heard both the sides and considering the material on record, we find that the return in this case was filed on 31.07.2002, which was only processed, because no assessment order under section 143(3) has been passed and the case has been reopened by issuing and serving of notice within 4 years i.e. on 23.03.2007. Therefore, in our view, the initiation of reassessment proceedings cannot be held to be bad in law in view of the Hon ble Supreme Court s decision in the case of ACIT v. Rajesh Jhaveri Stock Brokers P. Ltd. (supra) as cited by the ld. DR. As such, the appeal of the assessee on this ground is dismissed. 7. The next issue raised in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed. Therefore, this issue requires adjudication. Whereas, the ld. DR firstly contended that the issue does not arise out of the order of the ld. CIT(A), so the plea of the assessee should be dismissed by following the decision in the case of CIT v. Malladi Project Management P. Ltd. [2010] 324 ITR 87(Mad) and secondly the assessee has not been able to give any details about the investment made. As such the ground raised by the assessee should be dismissed. 10. After having heard both the sides and considering the material on record, we find that this issue has not been raised before the ld. CIT(A), therefore, it does not arise out of the order of the ld. CIT(A). As such, the same is dismissed. 11. At the time of hearing, the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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