TMI Blog2017 (4) TMI 1531X X X X Extracts X X X X X X X X Extracts X X X X ..... that the share of the assessee in the sale consideration be taken at ₹ 17,45,000/- instead of ₹ 34,90,000/- determined by the revenue. Accordingly, assessee gets relief to the extent of 50% in the deemed sale consideration. The AO is accordingly directed to re-compute the taxable capital gain in terms of the direction noted above. In the result, appeal of the assessee is partly allowed. - I.T.A. No. 1941/Ahd/2014 - - - Dated:- 26-4-2017 - SHRI PRADIP KUMAR KEDIA AND SHRI MAHAVIR PRASAD, JJ. Appellant by : Shri M. J. Shah, A.R. Respondent by : Shri James Kurian, Sr. DR ORDER SHRI MAHAVIR PRASAD, J. This appeal has been preferred by the assessee is directed against the order of the Commissioner of I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the appellant vide the Order giving effect to the Hon ble CIT(A) s Order dated 23/09/2010. 5. Departmental Valuation Officer valued the impugned plot at ₹ 1,04,71,200/-, wherein the value of share of the appellant being 1/3rd in the plot was determined by the learned AO at ₹ 34,90,000/- 6. On perusal of the Valuation Report issued by the Departmental Valuation Officer on the basis of which the learned AO has adopted the estimated fair market value of the concerned property on the date of transfer at ₹ 34,90,000/-. 7. Against the said order, assessee preferred first statutory appeal before the learned CIT(A), but CIT(A) decline the appeal of the assessee. 8. Learned DR rely on the order of the CIT(A). On the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of sale rate of ₹ 300/- per sq.mt., when the comparable sales instances show the average sale rate of only ₹ 58.83/- per sq.mt. 15. He also drew our attention that said plot land falls under development plan of SMC and approximately 30% land is curtail in TPS No.19 scheme proposal, said land not having excess from the road. 16. We have heard the rival submission; the short question in controversy is correctness of value of the plot under sale for the purpose of determination of Capital gain with reference to Section 50C of the IT Act. Having regard to the allowance of 30% claimed towards curtailment of land as referred to by CIT(A) in Para 3.2 of the CIT(A) order and also having regard to the comparable rates available at ..... X X X X Extracts X X X X X X X X Extracts X X X X
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