9911796707
TMI Blog2024 (8) TMI 218X X X X Extracts X X X X X X X X Extracts X X X X ..... tances of the case, the final assessment order passed by the learned Assistant Commissioner of Income Tax, Circle International Taxation, 2(1)(2) (hereinafter referred to as 'Assessing Officer') under Section 143(3) read with Section 144C (13) of the Act is bad both in the eye of law and on facts. 2. On the facts and circumstances of the case, reference made by the AO under section 142A of the Act to the valuation officer and consequent valuation report submitted by the District Valuation Officer for estimation of the fair market value of the capital asset is illegal, void and liable to be quashed. 3. On the facts and circumstances of the case, the AO has erred both on facts and in law in rejecting the contention of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... considering the comparable instances as well as certified copies of sale deeds in the vicinity brought on record by the assessee. 9. On the facts and circumstances of the case, the AO has erred both on facts and in law in ignoring the defects pointed out by the assessee in the report submitted by the DVO. 10. On the facts and circumstances of the case, the AO has erred both on facts and in law in ignoring the contention of the assessee that DVO has exceeded his jurisdiction in estimating the value of property as on 01.04.2001 whereas the reference was made to him under Section 142A to estimate the cost of construction of the property. 11. On the facts and circumstances of the case, the AO has erred in making the reference to the DVO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f transfer & other misc. expenses of Rs. 3,06,800/- 3. The issues involved are:- * Disallowance of Indexed cost of acquisition by amount of Rs. 1,97,79,784/- on the basis of report issued by DVO under section 142A of the Act. * Disallowance of Rs. 22,61,728/- on account of cost of improvement * Disallowance of Rs. 27,49,400/- on account of transfer expenses. 4. The assessee submitted that assessee inherited 50% undivided share in plot and super structure in A-12, Gulmohar Park New Delhi from his father Late Sh. Shadi Lal Kapur vide will testament dated 04.05.1964 and the will/ testament was probated on 07.04.2009. The Assessee submitted the details of Gulmohar property expenses and various documentary evidences, to support its claim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 9. Aggrieved, the assessee filed appeal before the Tribunal. 10. Before us, the Ld. Counsel for the assessee argued that the AO failed to take cognizance of valuation report dated 18.03.2020 issued by registered valuer Er. B.P. Singh, which was the basis of assessee calculation of cost of acquisition and assessee has valuation report dated 21.05.2022 issued registered valuer Paramjeet Associates to strengthen its contention. It was argued that the Assessing Officer has blindly relied report of the DVO inspite of the objections raised by the assessee on the valuation report given by the DVO. 11. Rebutting the contentions of the Ld. Counsel, the Departmental Representative argued that once the DVO report has available with the Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idth of the base line the property at SDA was 45 ft. internal road. Further, the assessee property as a back side service lane and base line the property at SDA do not have any service lane. Further, the property of the assessee was valued based on the comparable date of 2nd May, 2001 whereas base line the property at SDA date of sale was 19.10.2000. Thus, the property valued taken by the valuer of the assessee was at a closer date than that of the DVO. Hence, keeping in view, the tangible differences it can be held that the absence of any mistake pointed out in the valuation report submitted by the assessee no addition on account of cost of land is warranted in this case. 15. With regard to the brokerage expenses, the copy of the invoice ..... X X X X Extracts X X X X X X X X Extracts X X X X
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