2015 (11) TMI 1431

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....t from record have crept into the same. 2. The learned counsel for the applicant-assessee, reiterating the averments made in the present application, invited our attention to one of the grounds in the appeal of the assessee, viz. to the effect that the CIT(A) ought to have adopted the value of the property as on 1.4.81 before indexation Rs. 1600 per sq. yard for land aggregating to Rs. 38,17,647 and cost of the building as on 1.4.81 before indexation at Rs. 2,01,1252 and the aggregate indexed cost of acquisition thereon at Rs. 2,31,89,416 as on 1.4.81. The learned counsel then took us through paras 19 and 20 of our order dated 31.7.2013, and submitted that there are mistakes apparent from record in the said order of the Tribunal while ad....

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....rly held at Paragraph 14 that no reference to the V.O could be made u/s. 55A of the I.T.Act, 1961, governing valuation of properties for capital gains purposes. Reliance is placed in this behalf on the decision Supreme Court in Honda Siel Power Products Ltd. vs. CIT (295 ITR 466) wherein it was held that not following decision of the Co-ordinate Bench is a mistake apparent from record. It is further submitted in this behalf that the decision of the Tribunal in the case of Narasimha Rao (supra) was referred to and approved by the Jurisdictional High Court in the case of CITV/s. Asven Datla in ITTA No.111 of 2012 dated 26.11.2012, which implies that the aforesaid decision has been approved by the Andhra Pradesh High Court. The learned counsel....