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TMI Blog2018 (10) TMI 1980X X X X Extracts X X X X X X X X Extracts X X X X ..... 9-10 & in ITA No.220/CIT(A)-5/ 2016-17 both dated 04.12.2017 for the assessment year 2008-09 respectively. 2. Mr. D. Anand represented on behalf of the Assessee, and Mr.Clement Ramesh Kumar represented on behalf the of the Revenue. ITA No.357/Chny/2018 3. It was submitted by the ld.A.R that the assessee is a HUF, who is in the business of money lending. It was a submission that the assessee had sold an immovable property during the relevant assessment year, which was land and building at Old door No.3/17,New Door No.83,Anna Salai,Chennai-2. It was a submission that the said property was sold for Rs. 85 lakhs. It was a submission that the ld. Assessing Officer had completed the assessment u/s.143(3) of the Act on 31.12.2011 by invoking t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15% is permitted in respect of valuation as disclosed by the assessee and as valued by the DVO. Here, the difference between the sale consideration as disclosed by the assessee and as arrived at by the DVO is only Rs. 7,14,110/-, which is less than 10%, clearly no addition is liable to be made and the long term capital gains is to be computed by applying the value as disclosed by the assessee. Consequently, the addition as made by the ld. Assessing Officer and confirmed by the Ld.CIT(A), stands deleted. 5.1 We are not going into estimating the net value of land under the pretext of probable increase in land value on account of time gap between guideline value date and the transaction date as the addition made by the ld. Assessing Officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The ld. Assessing Officer is to verify whether it is only the property owned by the assessee and as to whether this was a tenant property during the relevant time. In the event, answer to any of the said issues in positive, then no Wealth Tax is liable to be levied in respect of the said property. Here, as per the valuation report paced before us, in the description of the property regarding the ownership history, it does mention that property is a tenanted property. Though we can analyze all such documents as it is recorded by the DVO, still this issue is restored to the file of ld. Assessing Officer for re-adjudication as this issue has not been considered by the ld. Assessing Officer and the Ld.CIT(A). In the circumstances, the issue i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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