2019 (11) TMI 1057

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.... short the 'Act') dated 16.12.2010 framed by ITO-3(3), Indore. 2. Assessee has raised following grounds of appeals; 1. That the learned CIT (A) failed to appreciate the facts that seller has sold Agriculture land & land was diverted by purchaser for business purpose from revenue authority for his business. Hence the applicable value should be as per Agriculture land & therefore the capital gain should be calculated as per Guideline of Agriculture land & not residential land. 2. That the learned CIT (A) failed to appreciate the facts that the land was originally sold in 1995 & the sale Deed was executed in 2007. In terms of Agreement of 1995 & supplementary Agreement 2004 & the payment shown in sale Deed confirm....

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.... of Rs. 1,28,553/-. On the basis of Annual Information Report assessee's case was selected for scrutiny and notices u/s 142(1) and 143(2) were duly served upon the assessee. During the year under appeal assessee sold plot of land on 27.9.2007 to M/s Balaji India Infrastructure Pvt. Ltd . This land was situated at 515/4 Village Sirpur, Tehsil & District Indore measuring 40890 sq.ft.. Sale consideration was declared at Rs. 17,51,000/-. Assessee contended that the alleged land is an agriculture land and vide original sale deed dated 6.5.95 this land was sold at Rs. 12,00,051/-. Subsequently second agreement dated 23.11.2004 was entered revising the consideration to Rs. 17,51,000/-. But since the sale could not be completed before 28.4.2005 fre....

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....n report of property involved in this appeal pending before Hon'ble Tribunal. In compliance of the directions given by Hon'ble Tribunal, we are submitting herewith a fresh valuation report of property (agricultural land) situated at survey No. 515/1/2 (total area 40890 square feet, Le. 3798 square meter). As per the valuation report given by the approved valuer on 23.10.2019, it is submitted that the total value of the said property as on 27.09.2007 (Le. on the date of execution of sale deed) was only Rs. 26,08,600/- which is per the collector guideline value for agricultural land prevailing at the time of execution of sale deed. However, as per the order passed by the Assessing Officer on 16.12.2010, the Learned A.O. was a....

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....proved valuer on 23.10.2019. 2. Copy of order of Diversion order by Revenue Authority on 30.12.2008. 3. Copy of Gift Deed through which the said property was received by the appellant. 4. Copy of Judgments of Hon'ble Courts in respect of disputes involved in this case." 6. Per contra Ld. Departmental Representative strongly opposed the application for admitting the additional evidence and vehemently argued supporting the order of both the lower authorities. 7. We have heard rival contentions and perused the records placed before us and also gone through the additional evidence filed by the assessee. The question in dispute before us is that whether the alleged land sold by the assessee during the year is....