2012 (12) TMI 749

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....g upon the report of the AO and order sheet. Written submission has not been considered properly. 2. That the Ld. CIT(A) was not justified in holding that reference u/s 142A was correct and as per law.   3. That the Ld. CIT(A) was not justified in holding that adequate opportunity was provided to the appellant regarding report of AVO and revised report of AVO during assessment proceedings. 4. That the Ld. CIT(A) was not justified in holding that in case of 2nd property, adequate opportunity and revised report of AVO was provided to the appellant. 5. That the Ld. CIT(A) was not justified in rejecting the claim of brokerage paid at Rs.86,400/-." 2. The facts narrated in this case are not disputed by both the parties. There....

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....value of any investment referred in section 69 or section 69B or the value of any bullion,, jewellery or other valuable article referred to in section 69A or section 69B [or fair market value of any proper referred to in sub section (2) of section 56] is required to be made, the Assessing Officer may require the Valuation Officer to make an estimate of such value and report the same to him. (2) The valuation officer to whom a reference is made under subsection (1) shall, for the purposes of dealing with such reference, have all the powers that he has under section 38A of the Wealth-tax Act, 1957 (27 of 1957). (3) On receipt of the report from the Valuation Officer, the Assessing Officer may, after giving the assessee an opportunity of....

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.... to the assessee is taken as the cost to the previous owner, which is beyond 01.04.1981, therefore, the cost as on 1.4.1981 will be cost to the assessee. The indexation will be given from the year of ownership of the assessee, which is F.Y. 1992-93. Therefore, the cost adopted as on 1.4.1981 is at Rs.409380/- as against the cost adopted y the assessee of Rs.892800/-. Further the assessee has claimed brokerage expenses to the tune of R.86,400/-. During the course of assessment proceedings, the assessee's representative submitted as under: "The address of the broker or receipt is not available as he has not issued any receipt though he had taken the brokerage." In the absence of any evidence submitted by the assessee, the expenses cl....