2013 (5) TMI 662

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....e Respondent : Mr. Vinay Kuthiala, Senior Advocate with Mrs.Vandana Kuthiala, Advocate. ORDER A. M. Khanwilkar, CJ (Oral). Heard counsel for the parties. This writ petition, under Article 226 of the Constitution of India takes exception to the show cause notice, issued by the Income Tax Officer, in exercise of powers under Section 148 of the Income Tax Act dated 7th March, 1996 for re-ope....

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....er sq. yard as on 1.4.1981 by taking average sale of Rs.118/- per sq. yard on two sale instances 52.5% for stated compensation advantages. This cost reported by the valuation report by the Registered Valuer. During assessment u/s 143(3) the cost worked out by the assessee was accepted. Now, it has come to the light in a similar case of Sh. Sunil Albert, the CIT(A) has held in the increase of 52.5%....

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....ver, taking into account the another sale instance of the other side of the land as valued by the registered valuer the ITO, ward-4, Shimla adopted by the average rate of Rs.3651/- per biswas i.e. Rs.81.13 per sq. yard. It is thus apparent that the cost adopted by the assessee as on 1.4.1981 in the present case is excessive and has based on the wrong estimation. The capital gain therefore, has to ....

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....y the Income Tax Officer in the reasons recorded. The fact that this order relied upon by the petitioner pertains to the same sale instance, referred to in the reasons recorded, is not in dispute. As the decision in the case of Vibha Gupta was the basis to reopen the assessment of the petitioner, as noted in the show cause notice and the reasons recorded and since that basis has become non-existen....