2011 (3) TMI 1621

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ER G.D. AGARWAL, VICE-PRESIDENT: This is assessee's appeal against the order of the Commissioner of Income Tax(Appeals)-VI, Ahmedabad dated 05.01.2009 arising out of the order of the Assessing Officer passed under Section 143(3) the Income Tax Act, 1961. 2. The only effective ground raised in this appeal by the assessee reads as under: "2. The ld.CIT(A) has erred in adding ₹ 48,26,251/- be....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....33(6) nor Inspector's report was ever communicated to the assessee. He therefore submitted that the estimate of "ALV" of the property of the assessee is without any basis and cannot be sustained. He further submitted that more rational basis for estimating the fair rate is rental valuation of the said property by the municipal authorities or the estimated rate of interest on the cost of the above ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....udication as per the decision of the Hon'ble jurisdictional High Court. 5. We have heard both the parties and perused the material placed before us. In the case of Sakarlal Balabhai (supra), the Hon'ble jurisdictional High Court held as under: "... In the absence of a better way of estimating rent, the rate of interest on cost of building and land may provide a reasonable basis for determining t....