2018 (11) TMI 444

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....SHI) 1. Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal dated 02.04.2018 raising following questions for our consideration: "Whether the Appellate Tribunal has erred on the facts and in law in deleting the addition of Rs. 6,98,630/made on account of Long Term Capital Gains?" 2. Similar issue in similar background came to be considered in Tax Appeal No.....

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....5A with effect from July 1, 2012, in a case, the value of the asset claimed by the assessee is in accordance with the estimate made by the registered valuer, if the Assessing Officer was of the opinion that the value so claimed was less than its fair market value as on April 1, 1981. It would not be the case of the Assessing Officer that the value of the asset shown as on April 1, 1981 was less th....

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....he nature of the asset and other relevant circumstances, it is necessary so to do. Subclause (i) of clause (b) also for the same reasons recorded above, would have no bearing on the fair market value as on April 1, 1981. The Assessing Officer had not resorted to subclause (ii) of clause (b). In any case, clause (b) would apply where clause (a) does not apply since it starts with the expression "in....