2015 (7) TMI 973

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.... This is an appeal filed by the revenue against the order dated 24/02/2012 passed by the learned CIT(A)-I, Jaipur for A.Y. 2008-09. The sole ground of appeal is against deleting the addition of Rs. 25,10,000/- as short term capital gain on the sale of property at G-103, RIICO Industrial Area, Bagru. 2. The learned Assessing Officer observed that the assessee had sold property situated at G-103....

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....ction. The buyer of the property had constructed the building, which had been considered in the hands of appellant during the inspection. The industrial plot of RIICO, the development rate of RIICO had taken as DLC rate for the purposes of stamping and valuation purposes, which had been taken @ 405 per sq.mts. and total sale consideration was Rs. 6,07,500/- as per DLC value. The DLC rate even date....

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.... of the said land she had requested under the provision of section 50C(2) for the matter to be referred to the Departmental Valuation Officer. As per this report the value of the land was determined at Rs. 8,10,000/-. Regarding the observation of the A.O. that the matter should be kept pending till the finalization of the value of the land by the Additional Collector (Stamps), Jaipur. It is seen t....

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....ves to be accepted. In view of the above discussion the value of land sold by the assessee is taken at Rs. 8,25,000/- U/s 50C(3) and the impugned addition of Rs. 25,10,000/- is deleted." 4. Now the Revenue is in appeal before us. The learned D.R. argued vehemently supported the order of the Assessing Officer. At the outset, the learned A.R. for the assessee relied upon the finding given by t....