1987 (12) TMI 80

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....ue of the property on1st Jan., 1964at Rs. 20,000. The assessee appealed to the CIT(A), who determined the value of the property on1st Jan., 1964at Rs. 70,050 and directed the ITO to determine the extent of capital gains accordingly. Now both the parties are in appeal against the order of the CIT(A). According to the assessee the value of the property as on1st Jan., 1964was Rs. 2,02,000 declared by it. While according to the Revenue, the value was Rs. 20,000 only as estimated by the ITO. 3. The learned counsel for the assessee also pointed out that earlier the ITO had made an expert assessment on a total income of Rs. 35,000 on31st Mar., 1984. Later on when he noticed that the assessee had herself filed a return on 3rd March, 1983 declari....

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....as not mentioned the area of the land or the extent of the construction. He has referred to yet another property No. 213,Westend Road,Meerutwithout giving any details whatsoever. Regarding the property in suit he has mentioned no details whatsoever except that the valuer had shown property to be fetching a rent of Rs. 690 p.m. He says "This property belongs to Post Master General, which was given to him by British Government and he was a retired employee. The rent alone is clearly taxable and including salary would be highly taxable. Now-here it has been shown that this was taxed." We have failed to understand and as to what the ITO meant by making the aforesaid (sic) narration. If the property belong to the Post Master General, how was Smt....