2018 (12) TMI 1079

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.... T.S.SIVAGNANAM, J. This appeal, by the Revenue filed under Section 260-A of the Income-tax Act, 1961, is directed against the order of the Income-tax Appellate Tribunal Bench 'C' Chennai, (for brevity "the Tribunal") dated 14.08.2008, in I.T.A.No.61/Mds/2008 for the assessment year 2004- 05. 2. The above appeal has been admitted, on 15.04.2009, on the following substantial questions....

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....r the valuation of the property, which was sold by the assessee, as adopted by the Commissioner of Income Tax (Appeals)-V (for brevity "the CIT(A)") in his order dated 20.09.2007, was proper; and whether the Tribunal was right in not interfering with the said valuation and dismissing the appeal filed by the Revenue. 4. We have perused the order passed by the CIT (A), who has taken note of the p....

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....e last sale transaction, which took place in the area . Thus, for several years, if the sale transactions were done at a particular limit, then the guideline value remained static. It is only thereafter, the Government took a decision to revise the guideline value on a yearly basis with effect from 1st April of every month. 6. Thus, considering the factual position, we are of the view that no s....