TaxTMI 
TaxTMI 
2010 (7) TMI 1174
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....on 1.4.1981 and for not giving benefit of deduction claimed u/s 54(2) by depositing the amount of long term capital gain in State Bank account. 3. Rival contentions have been heard and record perused. Facts in brief are that the assessee is a retired army officer and senior citizen filed his return of income on 3.7.2006 in Ward No.3, Noida declaring total income of ₹ 4,12,600/-. The assessee showed nil capital gain on sale of his 1/4th share in ancestral property at 33 Poorve Marg, Vasant Vihar, New Delhi for a total consideration of ₹ 2,28,75,000/-. He showed nil capital gain on the plea of investment of ₹ 94.50 lakhs in a plot at DLF City Phase IV, Gurgaon and deposit of rest capital amount in bank of ₹ 25 lakhs i....
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....f the assessee at ₹ 1,94,17,199/-, which was added to the assessee's income. By the impugned order, CIT(A) confirmed both the additions against which assessee is in further appeal before us. 4. We have considered the rival contentions, carefully gone through the orders of the authorities below and found that during the year under consideration, the assessee had sold 1/4th share in his ancestral property and computed capital gain thereon at nil by taking the fair market value of the property as on 1.4.1981 at ₹ 22,750/- per sq.yard. The valuation so taken by the assessee was on the basis of report of registered valuer. However, the AO deputed the DVO who has arrived at the fair market value as on 1.4.1981 at ₹ 5,000/- per ....
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....ecord to substantiate the value of ₹ 22,750/- as arrived at by him. The assessee has filed different valuation reports on different occasions. At the first instance, computation of long term capital was based on valuation of property by a registered valuer as on 1.4.1987 by adopting the rate of land at ₹ 35,000/- per sq.yard. However, later on, the assessee filed valuation report by the same valuer valuing house property by taking value as on 1.4.1981 at ₹ 22,750/- per sq.yard. The AO further observed that on 30.12.2008, the assessee filed another valuation report adopting the rate of land at ₹ 10,500/- per sq.yard. All these indicate that even the valuer was not sure as to the valuation arrived at by him and the bas....