2012 (8) TMI 1022

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....one ORDER PER Dr. O.K. NARAYANAN, VICE PRESIDENT This appeal is filed by the Revenue. The relevant assessment year is 2008-09. The appeal is directed against the order of the Commissioner of Income-tax(Appeals)-III, at Chennai dated 12.01.2012 and arises out of the assessment completed under sec.143(3) of the Income-tax Act, 1961. 2. When the matter was called on for hearing, nobody wa....

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.... is lower. The assessee has adopted the lower market price. In this circumstance, we do not find any reason to treat this issue as different from valuation of stock-in-trade. When the issue is rightly considered as a valuation of stock-in-trade, we find that there is no reason to make any such disallowance or addition. The order of the Commissioner of Income-tax(Appeals) on this point is upheld. ....

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.... at that point of time. On this ground, the assessing authority made an addition of Rs. 7,09,15,440/-. In first appeal, the Commissioner of Income-tax(Appeals) directed the Assessing Officer to adopt the fair market value at Rs. 50/- per sq. ft. as against Rs. 5/- adopted by the assessing authority. 6. This issue has been considered by the Commissioner of Income-tax(Appeals) in a very detailed ....