TaxTMI 
TaxTMI 
2015 (8) TMI 75
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....t approved valuer filed by the assessee. The AO and CIT(A) has adopted the valuation of DVO, containing error in treating entire land of the property as commercial land and ignored the circular of circle rate issued by DM. 2. That the Ld. CIT(A) is in error in directing AO to treat the property as agricultural land as on 1.4.1981, because the Petrol Pump came into existence after the year 1985. However, correct fact is that the Petrol Pump was running since 1972 and this fact was mentioned in the sale deed as well as valuation report estimated by DVO. 3. That the AO as well as the CIT(A) is in error in disallowing the ....
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....In response the assessee requested to refer the matter of valuation of the impugned property to the DVO. On such request the AO referred the matter of valuation of the property to the DVO and for the purpose of section 50C of the Act. But till the date of completion of the assessment, no such report was received from the DVO. In the meantime the assessee submitted calculation of capital gain by adopting the circle rate of the commercial land situated at GT Road, Khatauli and also enclosed the copy of certificate dated 23.12.2011 issued by the Sub-Registrar, Tehsil Khatauli in support of calculation of capital gain based on which the capital gain was worked out as NIL. The AO sought information u/s. 133(6) of the Act from Sub Registrar, Khat....
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....jections filed by the Assessee handed over to the AO for his comments. In response thereto the AO vide his letter dated 13/17-9-2012 has furnished the Remand Report before the Ld. CIT(A) which the Ld. CIT(A) has reproduced vide para 3.1.1 at page 6 of his impugned order. The assessee has furnished the rejoinder of the AO which the Ld. CIT(A) has reproduced at para 3.1.2 at page 9 to 10 of the impugned order. For the sake of convenience the rejoinder furnished by the assessee in the Remand Report is reproduced below:- ".....It is submitted that in the above case, the assessee has received a copy of remand report on 5.10.2012. The assesee point-wise reply as under:- &n....
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....vi S. Deasi (Bom.) 209 Taxman-289, held as under:- Assessment year 2005-06 - Assessee's further acquired property from his grandfather prior to 1981 - Assessee's father expired in 1988, leaving behind a will bequeathing property to his wife and assessee is equal shares - Assessee's mother expired on 21.2.2000 leaving behind a will bequeathing her 50 per cent share in property to assessee - Assesse sold said property and in computing long term capital gain, considered date of acquisition of property to be prior to 1.4.1981 - Assessing Officer, however, computed capital gains on basis of date on which assessee inherited share in property from his father and mother respe....
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.... the absence of any evidence statement recorded on oath is a good evidences as claimed by the assessee in his earlier reply. Considering the facts and evidences Your Honour is requested to kindly allow the appeal and oblige....." 7.1 The DVO has disposed of the objections raised by the assessee. The Ld. CIT(A) has reproduced the same at page no. 11 in his order. "Pointwise reply to observations:- Points i), ii) & iii) :- The built up portion of the property has been accounted for as ordinary constructed and depreciation as per rules has been applied in prevaluation report. Points 1 to 4 :- The sale deed enumerated by the assessee is not comparable to the property i....