2001 (12) TMI 23

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....ered by JAWAHAR LAL GUPTA J.-The Revenue has filed this appeal under section 269H of the Income-tax Act, 1961. The admitted facts may be briefly noticed. On August 13, 1981, the factory building in dispute was sold for a total consideration of Rs.4,11,000 to S.K. Chaudhary and others--the partners of Bharat National Industrial Corporation, B-6, Mayapuri, Phase II, New Delhi. The proceedings ....

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....rder, the assessee filed an appeal, The Tribunal having accepted the assessee's claim, the Revenue has approached this court through the present appeal under section 269H of the Act. Mr. Sawhney, learned counsel for the Revenue, contends that the view taken by the Tribunal is not in conformity with the provisions of section 269C(2) of the Act. Thus, the order cannot be sustained. The claim made....

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....and was Rs.1,76,055. As against this, the approved valuer had assessed the value of land at Rs.1,24,423. The Tribunal has accepted the assessment made by the approved valuer for the reason that it was supported by "comparable sale instances". Similarly, the value of the building was estimated by the official valuer at Rs.12,13,504. On this he had allowed a depreciation of Rs.4,64,165. Thus, the bu....

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.... not been considered. Equally, it is not the case of the Revenue that the relevant evidence had been misread. The Tribunal, on consideration of the matter, has taken a possible view. It is not shown to be perverse or such as no reasonable person could have taken. Since the findings are based on consideration of the evidence, we find that there is no infirmity of law which may call for interference....