TaxTMI 
TaxTMI 
2016 (9) TMI 1181
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....e Income Tax Act, 1961 (herein after referred to as 'the Act'). 2. The Revenue has raised the following grounds of appeal:- ''2.1 The learned CIT(A) erred in referring the valuation of land to the Valuation Officer. 2.2 The ld.CIT(A) failed to appreciate that the case of assessee is distinguishable from the decision of Madras High Court in 'the case of Shri.Appadurai Vijayaraghavan as in the case of Appadurai Vijayaraghavan there was a distress sale of property. 2.3 The Ld.CIT(A) failed to consider that the value has been fixed as per market value based on the report of the Sub-Registrar who is a competent authority under the State Government''. 3. The Brief facts of the case are that the assessee is an ....
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....ment deed and not satisfied with the action of demolition of the Building in the year 1996 and further perused the demolition permit issued by the Corporation on 19.01.1995 and is of the opinion that there is no existence of Building on land and adopted the value of Building as on 01.04.1981 as Nil. The assessee filed copy of the approved plan issued by the Corporation of Chennai permitting construction of new building and demolition of existing Building. The ld. Assessing Officer is of the opinion that there is no connection in respect of settlement deed for the purpose of value of Building and worked out the capital gains on land by adopting Sub-Registrar Value of @80,000/- per ground and also allowed cost inflation index and determined 1....
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....TR 486 and the decision of Mumbai Tribunal in the case of ACIT vs. Smt. Mona Malani and others in ITA No.6960/Mum/2011, dated 03.10.2012 discussed at page 11 to 15 of the order and finally directed the ld. Assessing Officer to refer the matter to the valuation officer which is in accordance with law and partly allowed the appeal of the assessee. Aggrieved by the order, the Revenue assailed an appeal before Tribunal. 5. Before us, the ld. Departmental Representative reiterated the submissions that the Commissioner of Income Tax (Appeals) erred in referring the valuation of land to the valuation officer which is against law and decision of the Jurisdictional High Court which is distinguishable because of distress sale. The ld. Assessing Of....
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....ction of the ld. Commissioner of Income Tax (Appeals) in directing to valuation officer. The assessee claimed cost of acquisition as on 01.04.1981 based on the valuation report. The assessee has a option to adopt asa per provisions of the Act which she has rightly followed. The powers of the ld. Commissioner of Income Tax (Appeals) are Co-terminus with ld. Assessing Officer. The provisions of Sec. 251(1) of the Act are as under:- ''(1) In disposing of an appeal, the Commissioner (Appeals) shall have the following powers-- (a) in an appeal against an order of assessment, he may confirm, reduce, enhance or annul the assessment ; (aa) in an appeal against the order of assessment in respect of which the proceeding bef....
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.... by the assessee by more than such percentage of the value of the asset as so claimed or by more than such amount as may be prescribed in this behalf ; or (ii) that having regard to the nature of the asset and other relevant circumstances, it is necessary so to do, and where any such reference is made, the provisions of subsections (2), (3), (4), (5) and (6) of section 16A, clauses (ha) and (i) of sub-section (1) and sub-sections (3A) and (4) of section 23, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with the necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub....