2016 (5) TMI 1297

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.... by taking the sale consideration of Rs. 2,01,77,124/- on the basis of vale adopted by the registration authority as against sale consideration of Rs. 1,00,00,000/- declared in the sale deed. 2. On the facts and in the circumstances of the case and in law the ld. CIT(A) erred in confirming the action of the AO as well as Valuation Officer in determining the fair market value of the property sold by the assessee alongwith three other co-owners of equal share at Rs. 2,01,77,124/- against actual sale consideration received, accepted by the Sub-Registrar at the time of registration of sale deed at Rs. 1,00,00,000/- for stamp duty purposes. It is contended that the fair market value of the property determined by the Valuation Officer /AO is so....

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....ore us. The ld. Counsel for the assessee reiterated the submissions as made in the synopsis of the arguments submitted vide dated 10-03-2016. The ld. Counsel for the assessee submitted that the grievance in this appeal is that the DVO has failed to conduct the enquiry and in a mechanical manner assessed the value of the property which is contrary to the settled position of the law. He drew our attention to the valuation report and also the documents provided in the form of notings etc. by Jaipur Development Authority (for short ''JDA). To buttress the arguments as to the property in question remained residential and computing the market value by treating the same as commercial land is erroneous on facts as well as on law, the ld. Counsel fo....

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..... From the evidence in the form of letter dated 16-10-2007 of the authorized officer of JDA, it is stated to be a residential property. It is noticed that the method applied for adopting valuation by the DVO is DLC rate for corresponding land. The reason for adoption of such method is stated that this being the time barring case, hence no sale instances were available. It is further observed by the DVO that the land is situated on Ancillary Road to Main Amer Road, just before Jorawar Singh Road Gate. Presently, a hotel is running on the said plots. Besides these plots, some plots are still in residential use. It is noticed that the date of inspection of the property is stated to be 17-12-2012. However, the date of registration of sale deed ....