TaxTMI 
TaxTMI 
2014 (9) TMI 758
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....,000/- per cent only on assumption and without evidence? b) Whether the Income Tax Appellate Tribunal is correct in holding that there was no sale transaction nearer to assessee's property by not considering the documentary evidences produced by the assessee?" 2. The brief facts are as follows: On 02.02.1981, the appellant assessee inherited 51 cents of land situated at S.F.No.141 (Part) Palakkad Pollachi Main Road, Kurichi Village, Coimbatore. On 16.09.2008, the appellant sold 20 cents of land out of 51 cents to one Hasan Kutty at the rate of Rs. 3.75 lakhs per cent, totalling to Rs. 75.00 lakhs. The assessee filed return of income for the assessment year 2009-10 declaring total income at Rs. 9,70,480/- after making a claim of Rs. 6....
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....he computation statement, wherein the assessee had adopted the fair market value at Rs. 47,410/- per cent as on 1.4.1981 for the calculation of the indexed cost of acquisition of the property sold. In support of this, the assessee furnished a copy of the document executed by one Mrs.Johara Banu in favour of Mr.R.Dhandabani in the District Registrar's Office at Coimbatore on 12.9.1983. The Assessing Officer after perusing the documents came to the conclusion that the document produced by the assessee for adopting the fair market value is in respect of the property situated in different locality. Hence, the Assessing Officer adopted the value of Rs. 300/- per cent as per the details available in Sub-Registrar's record as on 1.4.1981, ....
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....00/- to Rs. 40,000/- per cent. The submission made by the appellant is very vague without any basis. In his own submissions, the appellant submitted that the fair market value would be more than the guideline value at least by 5 to 7 times. Taking these into consideration, the property sold by him on 16.09.2008, the guide line value was Rs. 56,68,000/- whereas the sale value was Rs. 75 lacs. Taking all these factors into consideration, the Assessing Officer is directed to adopt the fair market value at Rs. 1,200/- per cent. This ground of appeal is partly allowed." 7. For the assessment year 2011-12, the Commissioner of Income Tax (Appeals) following the order in the case of the appellant for the assessment year 2009-10, determined the fai....
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....mately declared the total sale price of Rs. 75.00 lakhs. According to the assessee, the fair market value for the purpose of calculation of cost of indexation as on 01.04.1981 should be at Rs. 30,000/- to Rs. 40,000/- per cent. However, the Assessing Office has adopted the guideline value as fair market value of the property at Rs. 300/- per cents in the absence of any evidence furnished by the assessee, whereas the ld. CIT (Appeals), after considering the submissions of the assessee, has enhanced fair market value at Rs. 1,200/- per cents. There was no sale transaction nearer to assessee's property. Keeping in view of the facts and circumstances, we direct the Assessing Officer to adopt the fair market value at Rs. 5,000/- per cent and....