TaxTMI 
TaxTMI 
2018 (5) TMI 1270
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.... (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal dated 12.07.2017 raising following question for our consideration: "Whether in the facts and circumstances of the case, the learned ITAT has erred in law in not accepting cost of acquisition as on 01.04.1981 of the land sold in the present case as per the cer....
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....9;s report, instead, he collected the material pertaining to the sale instances of the land in the nearby areas during the same period. He noticed that no lands were sold in the same village in the year 1981. He referred to sale of land in some other village which sale took place in the year 1981. On the basis of such material, he issued show cause notice to the assessee proposing to assess the fa....
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....f similarly situated land, if any available. He cannot compare rates of land of adjourning area, when the assessee has alleged that her land was situated on the roadside. In other words, the assessee has pleaded that the land sold by her was abutting to the main land of BhiladNaroli Road which connects N. H. No.8 Road and Silvassa City. Thus, this land had more potentiality than the one compared b....
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.... and arrived at the valuation of Rs. 10 per sq.mtr. As recorded by the Tribunal, the assessee's lands were situated on BhiladNaroli road which connected NH8 and Silvassa city. Thus, the lands of the assessee were situated abutting on a highway. The assessee therefore had been contending that it had greater potential and therefore market value. We have no data on the situation of the land, sale....