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TMI Blog2025 (5) TMI 189X X X X Extracts X X X X X X X X Extracts X X X X ..... s 'the Act'). 2. Heard both the parties. Case file perused. 3. The assessee pleads the following substantive grounds in the instant appeal: "1. That the appellant denies its liability to be assessed at income of Rs. 37,30,983/- 2. That having regard to the facts and circumstances of the case. Honourable Dispute Resolution Panel-II (DRP-2), Delhi has erred in law and on facts of the case to confirm addition made by Learned Assessing Officer, ACIT, Circle Int. Tax 2(2)(1) of Rs. 4,26,562 (computation as per grounds no 3) by totally ignoring the facts as under: Section 48 of the Act prescribes the mode of computation of Capital Gains as under:- "The income chargeable under the head "Capital gains" shall be computed, by deducting fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Similar view was given Honourable ITAT Delhi Bench-B in the case T Appeal NO. 3677 (DELHI) OF 2011 Eldeco Infrastructure & Properties Ltd v/s Commissioner of Income-tax, Delhi-IV 3. That having regard to the facts and circumstances of the case, Honourable Dispute Resolution Panel-II (DRP-2), Delhi has erred in law and on facts of the case to confirm addition made by Learned Assessing Officer, ACIT, Circle Int. Tax 2(2)(1) of Rs. 4.26,562/ on account of difference value of Total Sale Consideration as under:- Fair Market Value as on 23.01.2020 as per valuation report dated 14-09-2022 issued by Valuation Officer-Ill, Delhi 2,14,26,652 Less:- Actual Sale Consideration Received by the Appellant on account of Sale of Residential Propert ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to confirm confirm addition made by Learned Assessing Officer, ACIT, Circle Int. Tax 2(2)(1) of Rs. 22,23,861 on account of difference of Fair Market Value as on 01.04.2001 of the Residential Property Flat No 119 FF, Category-III, Pocket-A, East of Kailash, Mount Kailash, New Delhi-110055 as under:- Fair Market Value as on 01.04.2001 as per valuation report dated 27-11-2019 issued by registered valuer Mr. Amod Sood, Reg No CAT-1/001 of 2002 u/s 34 AB of WT Act, 1957 20,15,000 Less:- Fair Market Value as on 01.04.2001 as per valuation report dated 14-09-2022 issued by Valuation Officer-III, Delhi 12,45,498 Difference 7,69,502 Indexed Value of Rs. 7,69,502 X 289/100 22,23,861 7. That the appellant craves the leave to add, modif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uation and in light of the fact that the above different valuation reports have arrived at different cost(s) of acquisition; we are of the considered view that some irregularity in both of them on such a purely subjective issue, could not be per se ruled out. We accordingly are of the considered view in the larger interest of just that a lump sum cost of acquisition amounting to Rs. 18 lakhs only in given facts would be just and proper with a rider that the same shall not be treated as a precedent. Necessary computation shall follow as per law.
8. No other ground or arguments has been pressed before us.
9. This assessee's appeal is partly allowed in above terms.
Order pronounced in the open court on 19th March, 2025 X X X X Extracts X X X X X X X X Extracts X X X X
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