2017 (4) TMI 775

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....eferred the present appeal with the following proposed questions of law :- "(A). Whether on the facts and circumstances of the case and in law, the ITAT is justified in upholding the order of the CIT(A) without appreciating the fact that CIT(A) had not relied on any evidence etc. support his finding and had given his findings based on the situation of the surroundings / locational advantage etc., which was not existing in the year 1981 as the process of industrialization / urbanization in the Silvassa area started in late nineties ? (B). Whether on the facts and circumstances of the case and in law, the ITAT is justified in upholding the order of the CIT(A) without appreciating the fact that the order of the CIT(A) was based on assumptio....

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....e learned CIT(A) determining / adopting market value of the land as on 1/4/1981 at Rs. 25/- per sq.mtr., revenue has preferred an appeal before the learned tribunal. The assessee also filed objections. 3.02. By the impugned order the learned tribunal has dismissed the appeal preferred by the revenue as well as the objections filed by the assessee. 4.00. Having heard Mr.Mehta, learned counsel appearing on behalf of the revenue and considering the reasoning given by the learned CIT(A) while adopting / determining market value as on 1/4/1981 at Rs. 25/- per sq.mtr., more particularly observations made in para 13.2, it cannot be said that the learned CIT(A) has committed any error in estimating the value of the land as on 1/4/1981 at Rs. 25/-....

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....alue for the land. Therefore, taking into consideration that the deptt. had already accepted the value of the land of letter advantage at Rs. 18/- per sq.mtr. and also considering the facts and circumstances, I estimate the value of the land at Rs. 25/- per sq.mtr. as against the value adopted by the AO AT 2.23 per sq.mtr. in the interest of fairness and justice. Accordingly, the AO is directed to adopt the value of the land at Rs. 25/- per sq.mtr. and compute the LTCG. Thus, the appellant gets part relief in this ground of appeal." 4.01. The aforesaid finding has been confirmed by the learned tribunal. 4.02. We are in complete agreement with the view taken by the learned CIT(A) as well as the learned tribunal while adopting / estimating....