TMI Blog1982 (4) TMI 127X X X X Extracts X X X X X X X X Extracts X X X X ..... ispute about the fact that on different dates all falling with in the accounting period 1-4-1973 to 31-3-1974 relevant for the asst yr.1974-75 which is under consideration., the assessee sold total land measuring 2042 sq,.yds for a sum of Rs. 56,000 and in this respect original cost of land was worked out by the assessee @ Rs. 5 per sq.yd besides that development charges were also claimed @ Rs. 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. He submitted that there is no earlier order in this case as observed by the AAC. As a matter of fact it is was the original assessment in respect of this very case and on the other hand., he submitted that in the immediate preceding year it was on this basis of computing the value of land that assessee has computed the capital gains @ Rs. 5 per sq.yd as cost of land and @ Rs. 5 per sq.yd as dev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . yd allowed by the two authorities. In respect of the commission or Rs. 1,120 against the sale of Rs. 56,000 the assessee claim seems to be in order @ 2% which is normally taken in the case of deals of immovable properties. The same is also accepted and in the light above observation, the ITO is directed to re-work the capital gain in respect of the said sale of plots. 5. Coming to ground Nos. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee is directed to be deleted. 6. The fourth and the last ground is in respect of annual letting value which has been worked out on the basis of 10% of total income. The assessee had returned the ALV @ Rs. 500 per month as the self occupied residential house consisted of four rooms, one hall, porch, kitchen, baths, etc; and servants quarters. The ITO worked out the same @ Rs. 12,000 p.a. afte ..... X X X X Extracts X X X X X X X X Extracts X X X X
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