TaxTMI 
TaxTMI 
2018 (3) TMI 1602
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....rm Capital Gain(LTCG). 2. The CIT(A) has erred in ignoring the facts of the case as the property in question was first held by the assessee on 7.4.1993 on the death of her father Shri Jayantilal Keshavlal Patel and as per Explanation (iii) to section 48 of the Act, the assessee is eligible for indexation from 1993-94 instead of 1981-82 as claimed by the assessee. 3. The CIT(A) has further erred in directing to consider the reference to DVO as bad in law on the ground that AO has not resorted to sub-clause(ii) of the Clause (b) of Section 55A without appreciating the fact that the AO has resorted the provision of Section 55(b)(ii) while dealing with the reference of valuation to the DVO. 3. The grievance relating to the eligibility of ind....
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....ing regard to the nature of the asset and other relevant circumstances, it is necessary to do." 7. The assessee has furnished a valuation report from the approved valuer who determined the FMV as on 01.04.1981. The basis of arriving at the land rate and the instances of comparable sales of immovable properties in the locality as mentioned by the approved valuer read as under:- A. By considering and comparing directly or indirectly the instances of the sales of similar properties of N.A. land executed/registered during the period of last three years preceding from the date of Valuation in terms of situation, area, locality, surrounding development & developmental potentiality, additional facilities it any available B. By making local in....
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....roperties were almost absent in this area. Hence it is not easy to quote the specific instances of the sales to be relied upon to and direct comparable to the land/property u/r in terms of the locality, situation, shape, size, plot, area etc. In these circumstances, the increased trend in the gold price can also provide the basis for arriving at the land rate/value as on 1981. This commodity is generally sold/purchased by accounted money. Hence it's trend is useful for comparison. In April 1981, the gold price fixed by the Reserve Bank of India was Rs. 162.50 per one gramme. The percentage increase was 100. While in 2002 it was Rs. 506.00 per one and percentage increase was 31 1.38. It was more and more during the years 2003 to 2010. ....