2016 (1) TMI 934

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....isposed of by this consolidated order for the sake of convenience. ITA No. 2114/Ahd/2012: AY 2008-09 2. This is an appeal filed by the Revenue against the order of the Commissioner of Income-Tax (Appeals), Valsad dated 20.07.2012 for Assessment Year 2008-09, on following grounds:- On the facts and circumstances of the case, and in law, the learned CIT(A) has erred in deleting the addition made on account of long term capital gain of Rs. 13,73,195/-. CO No. 235/Ahd/2012: AY 2008-09 (Babubhai N. Desai) 3. The grounds of Cross-objections filed by the assessee read as under:- 1 On the facts and in circumstances of the case as well as law on the subject, the learned Assessing Officer has erred in reopening case of a....

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....ho having considered the submissions of the assessee, has directed the Assessing Officer to adopt fair market value for the year 1981 at Rs. 76/- per Sq. Mtr, thereby partly allowed the appeal of the assessee. This has been opposed by the Revenue inter alia submitting that the CIT(A) has erred in deleting the addition made on account of long term capital gain of Rs. 13,73,195/-. On the other hand, ld. Authorized Representative of the assessee by way of cross objection opposed the reopening of the assessment and submitted that the CIT(A) has erred in confirming the addition of Rs. 13,35,459/- out of total addition of Rs. 27,08,654/- on account of long term capital gain. Ld. Authorized Representative pointed out that similar issue arose in as....

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....rive at quite close to the fair market value of the said land due to his adoption of scientific and technical method. We further notice that AO has relied purely on the average rate given by Sub-Registrar, Daman even when during the course of assessment proceedings the assessee has submitted that he has adopted the rate of Rs. 165/- per sq.meter on the basis of a certificate of valuation by Sub- Registrar, Damah. In such circumstances, it was required on the part of the AO to make a reference to the valuation officer under section 55A of the Act in order to ascertain the fair market value of the asset because Valuation Officer is a person of technical knowledge for the purpose of such valuation. In the present case no such reference was mad....