2018 (3) TMI 1076

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....T) ORDER PER: VIJAY PAL RAO, JM This appeal of the assessee is directed against the order of Ld. CIT (A)-I, Jaipur dated 14/03/2016 pertaining to the Assessment Year 2007-08. The Assessee has raised the solitary ground of this appeal which reads as under:- "1. On the facts and in the circumstances of the case and in law the Ld. CIT(A)-I, Jaipur has erred in computing LTCG by taki....

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....he indexation to Financial year 2006-07 has arrived the indexed cost of land measuring 3 Bigha at Rs. 7,82,412/-. The AO did not accept the fair market value and indexed cost applied by the assessee and obtained the D.L.C. Rates for village Kanakpura, Jaipur as on 19/12/1991 at Rs. 39,000/- per bigha as against the rate adopted by the assessee at Rs. 1 lacs per bigha. Accordingly, the AO applied r....

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....e applied by the assessee does not pertain to land in question or vicinity of the land in question. These rates as pointed out by the authorities below relates to commercial and residential rates for Dausa. However, the certificate mentions the rate for agricultural land also. Even otherwise in case when the land is acquired prior to 1.4.1981 and cost of acquisition is not known or nil then the fa....

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....ntroversy an to end, we find it just and proper to apply the average of both the rates i.e. Rs. 39,000/- applied by the AO and Rs. 1 lacs per bigha applied by the assessee which comes to Rs. 70,000/-. Accordingly, the fair market value as on in the year 1991 is adopted at Rs. 70,000/- per bigha and the indexed cost has to be calculated from 1991 to till date of sale instead of backward indexation ....