2016 (9) TMI 1074

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....lms. It filed its return of income for the A.Y 2002-03 on 30.10.2002 declaring total income of Rs. 5,95,690. During the assessment proceedings u/s 143(3) of the I.T. Act, the AO observed that the assessee has declared income under the head "capital gains". While examining the correctness of the same, AO went into the details and observed that the assessee had acquired the land admeasuring 4533 and 2266 sq. yards situated at Jail Road, Gulbarga for a consideration of Rs. 66,000 and Rs. 26,500 in the year 1967 through auction and that the possession was given on 06.10.1969 and got them registered on 02.05.1977. He observed that during the relevant previous year, the assessee represented by its partners, entered into a partnership with another....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ost of acquisition for computation of the capital gain against which the assessee preferred an appeal before the CIT (A), who confirmed the assessment order and the assessee is in second appeal before this Tribunal. 3. The learned Counsel for the assessee, reiterated the submissions made before the authorities below and submitted that the assessee has relied on 4 sale instances for estimation of the fair market value of the property as on 1.4.1981. According to him, during the requisite period i.e. 1981, the average value of land in similar location was Rs. 1755/sq. yard. He submitted that it was on the basis of these sale instances which are also govt. auctions, the assessee has adopted Rs. 1000 per sq. yard which is reasonable and just....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 133.33 1,20,000 1,20,000 909 5 62 Govt. Auction 15.03.1978 777/82-81 28.06.1982 133.33 1,41,000 1,41,000 1,058 6 80 Govt. Auction 15.03.1978 2476/82-83 10.02.1983 133.33 88,000 88,000 660 7 98 Govt. Auction 24.04.1981 2548/82-83 22.02.1983 88.89 1,56,000 1,56,000 1,755 8 103 Govt. Auction 22.04.1981 2649/82-83 07.03.1983 88.89 1,61,000 1,61,000 1,811 9 102 Govt. Auction 24.04.1981 2648/82-83 07.03.1983 88.89 1,61,000 1,61,000 ....