2015 (7) TMI 488

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... (ORAL) This is an appeal against the order of the Tribunal dated 30.04.2013 directing the Assessing Officer to compute the capital gains on the basis of the valuation indicated in the order. The matter pertains to the assessment year 2002-2003. 2. The appellant contends that the following issues raise substantial questions of law:- "(i) Whether on the facts and in the circumsta....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rm constituted w.e.f. 04.07.1981 under the Partnership Act, 1932. On 19.12.2001, the firm stood dissolved under the deed of dissolution. One of the partners took over the assets and liabilities of the firm. Another firm was constituted under the deed of partnership dated 21.12.2001 comprising one of the erstwhile partners and his son. 4. We proceed on the basis that the erstwhile firm is liable....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....gard. The Tribunal's reliance upon the instances of sale furnished by the assessee cannot be said to be perverse or irrational. Absent anything else, proximity of the land in question is not only an important, but a relevant factor. The Tribunal, therefore, accepted the valuation of Rs. 2833/- per marla as contended by the assessee and rejected the valuation of Rs. 1118/- per marla as contende....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he rate of Rs. 12,500/- per marla on 04.01.2002, which was just after a fortnight from the date of the dissolution of the firm. Two important factors, namely, the area of the land and the proximity of the dates of the transactions were taken into consideration by the Tribunal. The finding of the Tribunal on this ground cannot be said to be perverse. 6. Question (i), therefore, raises not a ques....