TMI Blog2009 (1) TMI 48X X X X Extracts X X X X X X X X Extracts X X X X ..... JUDGMENT C.M. No. 17845/2008 (for early hearing) in I.T.A. No. 47/2003 1. In this application the appellant/applicant has stated that on account of old age and health issues he is not in a position to actively monitor the pending litigation and in order to bring the matter to a closure he prays that the appeal be taken up for hearing. 2. We find that the application for early hearing is accompanied by an affidavit which discloses that the appellant is more than 77 years of age. Given the fact he has averred that he is not keeping well and want to bring the litigation to a final closure, we allow the application. The application is accordingly disposed of. I.T.A. No. 47/2003 3. By an order dated 14.10.2003 a Division B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... DVO"), Income Tax Department under Section 55A of the Income Tax Act, 1961(in short "the Act") for the purpose of determining the "fair market value" of the property in issue, on the date of the sale i.e., 06.06.1997. The DVO determined the value of the plot on the date of the sale as Rs 24,10,621/-. After making suitable adjustments on account of situation and location of the said property the "fair market value" communicated to the Assessee, was Rs 22,83,662/-. It seems that the Assessee had filed his reply to the said communication vide letter dated 05.03.2001. 6. The stand of the Revenue is that the Assessee was given several opportunities to produce the original allotment letters or any other evidence to establish the purchase of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e "full value of the consideration" received or accruing as a result of such transfer. It went on to hold that the expression "full value of sale consideration" is not the same as "fair market value" as appearing in Section 55A of the Act. In coming to this conclusion the Division Bench of this Court relied upon the Supreme Court judgment in the case of CIT v. George Henderson and Co. Ltd; (1967) 66 ITR 622 as also the judgment of the Supreme Court in the case of CIT v. Gillanders Arbuthnot and Co. (1973) 87 ITR 407 wherein the expression "full value of consideration" was interpreted in the context of pari materia provisions found in the Income Tax Act, 1922. Based on these decisions the Division Bench concluded that for the purpose ..... X X X X Extracts X X X X X X X X Extracts X X X X
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