TaxTMI 
TaxTMI 
2016 (11) TMI 593
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....ned Commissioner of Income Tax (Appeals) erred in confirming the action of the Assessing Officer taxing Rs. 75,92,864/- without making reference to Valuation officer under sub-section (2) of Section 50C of the Income Tax Act, 1961". 2. At the outset, it is noticed, the appeal of the assessee is barred by limitation by 39 days. For condonation of delay, the assessee has filed an affidavit, wherein, assessee has deposed that his legal consultant has not properly represented and looked into the matter and did not file the appeal within due date. There were latches on the part of the legal consultant at that time. Later on, assessee has changed the Counsel and it was then the appeal could be filed and accordingly, there was a delay of 39 day....
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....ter, on Plots of land situated in one place and valued in one month i.e. July, 2010. iii that in case of two Plots of land, even in the Deed of Conveyance it was clearly mentioned that " along with the illegal and unlawful structured and/or slims constructed by some unauthorized dwellers standing thereon" and these Plots of land were valued by the Office of Stamp Duty at the highest rate of Rs. 32,900/- per sq. mtr. FACTS AND ASSESSMENT of A.Y. 2011-12 Four Plots of Lands were conveyed by 23 members on 02.07.20 10 in the name of M/ s. Shrinath Builders and three Plots of Lands were conveyed by 23 members on 17.07.2010 in the name of M/s. Buildcube Construction Pvt. Ltd., as detailed below: No. Reg No. Agreement Value Marke....
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....G" being single bench order of Mumbai High Court in suit no. 1780 of 1993 dated 21St November, 2005). 4. On 29.04.1985 three Sale Agreements were also entered into along with Power of Attorney by all 27 Owners with M/s. Vijay Enterprises for sale of Plot of Land admeasuring 1,684 Sq. Meters at Survey No. 53, Hissa No. 1, CTS No. 700 (part), Plot of Land admeasuring 546 Sq. Meters at Survey No. 54, Hissa No. 3 (part), CTS No. 698 (part)Hissa No. 2 (Part), CTS No. 702 (Part) and Plot of Land admeasuring 5,633 Sq. Mtrs. at Survey No. 101 Hissa No. 2 (part), CTS No. 702 (part). (Refer point no. 6 on Page No. 349, point no. 10 page no. 351 and point no. 13 on page No. 349, 355 and 356 of Annexure "G".) 5. Due to dispute between M/s. Vijay ....
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....Mr. G.M. Koli was thereafter cross examined by the defendant no. 29 i.e M/s. Shreenath Builders and in his deposition he has deposed that at the time of visit of the Commissioner in the aforesaid appeal, he was present and he has signed the Commissioner's report. He has also deposed that he has executed the agreement in respect of Survey No. 101 and handed over the possession of the said property to defendant no. 29". Page No. 425 of Annexure "G" reads as "I am of the opinion that the defendant no. 29 i.e M/s. Shreenath Builders being in possession of the said land under section 53A of the Transfer of Property Act is entitled to be continued in possession". Page No. 525 of Annexure "M" reads as "We also find that the defendant No.....