2012 (3) TMI 474

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....er), as adopted by Stamp Valuation Authority which is contrary to the provision of section 50 C of the I.T. Act. "2. On the facts and in the circumstances of the case and in law, the learned CIT (A) erred in adopting the prorate basis for determining the Fair Market Value in respect of 134 sq. ms of plot ignoring the fact that Fair Market Value had been determined by Stamp Valuation Authority on the plot / land sold by the assessee. "3. On the facts and in the circumstances of the case and in law, the learned CIT (A) ought to have noted that as per the section 50C(1) the stamp duty valuation is to be adopted as the Fair Market Value, unless the assessee makes claim u/s.50C(2) before the AO during the assessment proceedings, which has no....

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....ss Highway as well as 15 meter widening road. Moreover, 1340 Sq. meters was sold to one Mr. Thakkar and assessee's own ½ shares remained to 67 sq. meter. The assessee contended that the purchaser of the land was required to pay the stamp duty on the entire area of plot of land. But so far as assessee is concerned, the assessee could get high price only for 67 sq. meter towards his half share as said plot is on prime location. The A.O. examined the agreement to sale and part of which is reproduced in assessment order. As per the agreement to sale, the assessee has given Development Rights to the Developer excluding the area acquired for Eastern Express Highway. As per agreement it was agreed that the developer would be entitled to the....

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....t page nos.15 to 24 of the compilation. The contention of the assessee is that 860 sq. meter was acquired by the Government for the Easter Express Highway and 950 sq. meters were acquired for 15 meter wide Service road and 300 sq. meters were acquired for old Agra Road, hence, total acquisition of the land worked out to 2110 sq. meters. As per the revenue record i.e. 7 x 12 abstract, the land is shown at 2244.18 sq. meters (Page no.28 of the paper book). As per Mutation Entry document, page no.31 of the paper book, it appears that land is acquired for the Easter Express High Way but the effect is not given in the 7 x 12 Abstract. As per the document at Sr. No.32 & 33 i.e. Registrar of Modification, we find that land is also acquired for the....