2013 (7) TMI 285

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....the following grounds of appeal for your consideration: 1. The CIT(A) has erred in disallowing sale consideration of Rs. 50 lakhs while calculating the Capital Gains on sale of Land by assessing the value of land at Rs. 121.08 Lakhs. The CIT(A) failed to appreciate that the Valuation Officer had valued the land by ignoring various factors. ITA no. 1430/Mum/2009 (Department appeal) 1. On the facts and in the circumstances of the case and in law, the learned CIT(A) has erred in holing that the action of the Valuation Officer and its consequent adoption by the ITO at Rs. 1,46,183/- (before indexation) being the value of the property as on 1-4-1981 is not in accordance with law without appreciating the fact that the AO has adopted the ....

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....ort and awaited the final report from the DVO. Which, as a matter of fact was not done. The AR further pointed out that the revenue authorities did not take into account the encumbrances, defects, suits, disputes and tenants which were there on the demised property, on the date of signing of the Surrender Agreement, to come to a logical conclusion, with regard to the valuation, which would have reduced the value of the property. 8. The AR submitted that though some of the documents were filed before the CIT(A) and which have been filed before the ITAT. The assessee through L/H, as per the Affidavit dated 28.09.2009, has given reasons, as to why the documents could not be placed on record at the opportune time, which he intended to enclos....

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....above documents were not produced before the Assessing Authority and the Commissioner of Appeals as evidence, which are very ital for deciding the case. In view of the circumstances mentioned above, I may be allowed to give additional evidence for deciding the case or the case may be sent to the Lower Authorities for re-consideration." The AR explained that each of the documents placed now, contain material, to support the contention of the assessee, which will go to prove that the value adopted by him was correct and value computed by the DVO, lacks confidence, and should not be relied upon. 9. In the course of hearing, the Bench enquired, as to how the additional documents could have impact over the result of the case, the AR, expla....