TaxTMI 
TaxTMI 
2017 (12) TMI 1011
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....That on facts and circumstances of the case and in law the learned CIT(A)-XXV grossly erred in confirming the action of the learned DCIT, Central Circle-25, New Delhi in estimating the market value of the following properties of the appellant a. 111/36, Kulri, Mussoorie at Rs. 65,OO,OOO/- as against the declared fair market price of Rs. 20,OO,OOO/- declared by the assessee. The arbitrary addition of Rs. 45,OO,OOO/- therefore is uncalled for and needs to be deleted. b. Value of commercial property 17 A/62, WEA, Karol Bagh, New Delhi at Rs. 70,OO,OOO/- as against the declared purchase price Rs. 39,80,OOO/-. Since the property was otherwise exempted u/s 2(ea)(1)(5) of the Acl, being a commercial property. Therefore, the arbitrary addition of Rs. 29,02,000/- is uncalled for and needs to be deleted. Moreover the debts amounting to Rs. 40,98,000/- claimed by the appellant for the said property were not considered in the assessment. c. Value of commercial property No. KNF/F-14 Rai Kedar Nath Marg, Anand Parbat at Rs. 40,OO,OOO/- as against the declared fair market price of Rs. 7,OO,OOO/- declared by the assessee. The arbitrary addition of Rs. 3300000/- therefore....
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.... by like the municipal valuation of such properties or the circle or lands' rates as fixed by the Local Commissioner before AO on demand by the latter. The AO was compelled to estimate the values of properties as indicated above as under assessed the net wealth of the assessee at Rs. 2,68,77.200/- as against Rs. 76,75,209/- on estimate basis vide his order dated 31.12.2009. S.No. Description of the property Area and year of purchase with the purchase value of the property Value as declared by the appellant Value as determined by the AO under Rule of Wealth Tax Act, 1957 1 111/36, Kulri, Mussorie 1012 sq. yd. FY 1987-88 20,00,000 65,00,000 2 E-203, New Delhi Rajinder Nagar, New Delhi 128 sq.yd. FY 2005-06 20,00,000 50,00,000 3 House No. 602, New Rajinder Nagar, New Delhi 200 sq.yd. FY 1994 15,00,000 70,00,000 4 17A/59, WEA, Karol Bagh, New Delhi 117.11 sq.yd. FY 2004-05 39,80,000 70,00,000 5 KN/F-14, Rai Kedar Nath Marg, Anand Parbat Industrial Delhi 200 sq.yd. purchased long back. 7,00,000 40,00,000 6 ....
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.... at Rs. 2,68,77.200/- as against Rs. 76,75,209/- on estimate basis vide his order dated 31.12.2009. S.No. Description of the property Area and year of purchase with the purchase value of the property Value as declared by the appellant Value as determined by the AO under Rule of Wealth Tax Act, 1957 1 111/36, Kulri, Mussorie 1012 sq. yd. FY 1987-88 20,00,000 65,00,000 2 E-203, New Delhi Rajinder Nagar, New Delhi 128 sq.yd. FY 2005-06 20,00,000 50,00,000 3 House No. 602, New Rajinder Nagar, New Delhi 200 sq.yd. FY 1994 15,00,000 70,00,000 4 17A/59, WEA, Karol Bagh, New Delhi 117.11 sq.yd. FY 2004-05 39,80,000 70,00,000 5 KN/F-14, Rai Kedar Nath Marg, Anand Parbat Industrial Delhi 200 sq.yd. purchased long back. 7,00,000 40,00,000 6 one bigha two biswa in village Mehraulli 7,00,000 Accepted 7.1 After perusing the aforesaid Table, we are of the view that assessee....
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....tent view as taken in WTA 9/Del/2014 (AY 2007-08), as aforesaid, we direct the AO to adopt the similar percentage and tax accordingly. As a result, we partly allow these Appeals in the aforesaid manner. 8.1 In the result, all the Appeals filed by the Assessee stand partly allowed. REVENUE'S WTA NO. 20/DEL/2014 (AY 2010-11) 9. At the time of hearing, Ld. Counsel of the assessee has stated that the tax effect in the present appeal is below prescribed limit of Rs. 10 lacs, hence, he requested that the Appeal of the Revenue may be dismissed. 9.1 However, the Ld. DR relied upon the orders of the authorities below. 10 We have heard both the parties and perused the material on record. We note that the tax effect in this case is less than Rs. 10,00,000/-, therefore, the Department's Appeal is not maintainable, in view of the Circular No. 21/2015 dated 10th December, 2015 issued vide F.No. 279/Misc. 142/2007-ITJ (Pt.) by the CBDT. For the sake of convenience, the relevant para nos. 3 & 10 of the aforesaid CBDT's Circular are reproduced as under:- "3. Henceforth, appeals/ SLPs shall not be filed in cases where the tax effect does not exceed the monetary limits given h....