2014 (10) TMI 619

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....rt, "the Act") against the order dated 26.11.2009, Annexure 3 passed by the Income Tax Appellate Tribunal, Chandigarh Bench 'A' Chandigarh (in short, "the Tribunal") in ITA No.526/CHD/2009, claiming following substantial questions of law:- i) Whether on the facts and in the circumstances of the case, the Hon'ble ITAT is right in deleting the addition of Rs. 187,71,730/- which was rightly made under section 69B of the I.T.Act? ii) Whether on the facts and in the circumstances of the case, the Hon'ble ITAT is right in deleting the addition by relying on the decision of Hon'ble High Court in the case CIT v. Smt.Nilofer L.Singh reported in 14 DTR (Delhi) 18 which is distinguishable on facts from the case under consideration?" 4. A ....

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....arned counsel for the revenue submitted that since there was no collector rate which was prevalent, therefore,it was necessary to refer the matter to the Departmental Valuation Officer (DVO). It was on the basis of the report of the DVO that the Sub Registrar had determined the fair market value and, therefore, provisions of Section 50C of the Act were applicable. 6. Learned counsel for the assessee on the other hand, argued that the Deputy Commissioner-cum-Collector, Ludhiana vide order dated 24.2.2010 (Annexure R.1) had recorded that the land in question was not commercial and was surrounded by agricultural land and the parties had rightly got the wasika registered. It was also noticed therein that correct stamp duty had been affixed o....

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....40 lakhs were paid as court fees. In addition the assessee paid Rs. 10 lakhs for the purchase of furniture and fixture, electric installments, equipment and crockery items etc. The building was being used as a marriage palace and is surrounded by agriculture land. There was an audit objection that the stamp duty for the land should have been charged at the commercial rates and not at the rates adopted for agriculture land. The authorities revised the value of property for the levy of stamp duty by applying commercial rates as per the stamp duty tariff, rejecting the contention of the assessee that the land had not been converted by the government into commercial land from agriculture land under change of land use laws. The Assessing Officer....