TaxTMI 
TaxTMI 
2013 (10) TMI 642
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....on 01/04/1981 declared by the assessee on the basis of a report of Registered Valuer even though both the Assessing Officer and the CIT(A) has pointed out error in the report? B. Whether, the Hon'ble Tribunal is right in law and on facts in rejecting the adjustment made by the CIT(A) after on-site visit by reducing land area to the extent of 35% without appreciating that the sale instances used by the Registered Valuer were in respect of developed and bigger plot of land pieces, and obviously the sale rate for these plots included cost of development incurred? C. Whether, the Hon'ble Tribunal is right in law and on facts in holding that share of the assessee in the fair market value to the extent of 18.10% is to be considered for work....
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.... sq.meters. These instances were ignored on the premises that they did not pertain to sale of open lands but partially constructed lands. 4. To the extent, the assessee was aggrieved by the order of CIT(Appeals), he preferred appeal before the Tribunal. The Tribunal, by the impugned judgment, allowed the assessee's appeal. In this respect, the Tribunal made following observations:- "Regarding the first aspect as to what is the fair market value of the land as on 01.04.1981, we find that the registered valuer had applied the rate of Rs.295.81 per sq.mtr. on the basis of average rate of 4 different plots of land. The A.O has applied the rate of Rs.86.10 per sq.mtr. on the basis of a single sale instance collected from sub- Registrar off....
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....has been reproduced by the assessee in the written submission. We find that admittedly, no report of the DVO was obtained and the A.O. obtained one sale instance from sub-registrar office but regarding this sale instance, it is the submission of the assessee before us that this sale instance is of a far away place whereas, the sale instance noted by the registered valuer is nearer to the land in question. This contention of the Ld.A.R. could not be controverted by the Ld.D.R. and hence, in our opinion, this sale instance obtained by the A.O. from subregistrar cannot be adopted because it is related to a land situated at far away place and moreover, when the assessee has submitted the report of the registered valuer, the same cannot be ignor....
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....port of a technical person. In the present case, no such report of any technical person has been obtained by the authorities below and, therefore, for this reason also, the action of Ld.CIT(A) cannot be sustained. Under these facts, we are of the considered opinion that the fair market value of the property in question as on 01.04.1981 as declared by the assessee on the basis of a report of the registered valuer, cannot be disturbed and the same has to be accepted. We hold accordingly. The first aspect is decided in favour of the assessee." 5. Having heard learned counsel for the Revenue, we are of the opinion that the entire issue is based on appreciation of evidence. What should have been fair market value of the land as on 1.4.1981 is....