TaxTMI 
TaxTMI 
2020 (2) TMI 707
X X X X Extracts X X X X
X X X X Extracts X X X X
....000/- instead of Rs. 6,75,000/- as sale value ignoring the value assessed by registered valuer at Rs. 6,60,880/. 2. On the facts and circumstances of the case & in law, Ld. Lower authorities grossly erred in relying upon the report of DVO made on the basis of CPWD rates as it is a settled law that State PWD rates should be adopted. Moreover Ld Lower authorities did not consider the objections filed by the assessee in regards to repot of DVO." 2. Briefly the facts of the case are that the assessment in this case was completed U/s 143(3) of the Act dated 29.12.2015. During the course of assessment proceedings, the Assessing Officer observed that the assessee has shown sale consideration of three shops at Rs. 6,75,000/- being his 1/3 shar....
X X X X Extracts X X X X
X X X X Extracts X X X X
....lway bridge and due to such railway bridge, commercial value of shops has come down drastically. In support, the copy of the letter No. 11/8601 issued from the office of the Collector, Sikar regarding acquisition of land for proposed over bridge under the Central Land Acquisition Act was submitted. It was further submitted that the valuation Officer has taken value of construction of the three shops as per CPWD rate whereas it should be valued as per PWD rate a position which has been accepted by the Hon'ble Rajasthan High Court in case of CIT vs. Shri Prem Kumar Mardhiya 216 ITR 508. It was further submitted that the comparable case of sale of shops was also not considered by the Valuation Officer. The objections so filed by the assessee w....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ee. In support, reliance was placed on the decision of the Tribunal in case of Smt Vimla Devi Samariya vs ITO (ITA No. 348/JP/2018 dated 11.07.2019). It was further submitted that firstly the valuation has been done by the valuation Officer applying the DLC rate and not as per fair market value and the fact that the shops were situated near the limits of railway over bridge was not considered because of which the value of the shops had come done drastically. It was further submitted that it is now a settled proposition that the PWD rates have to be considered by the Valuation Officer as there is not dispute that the property lies in case of State of Rajasthan and in support reliance was placed on the decision of Hon'ble Supreme Court in cas....
X X X X Extracts X X X X
X X X X Extracts X X X X
....cially due to the fact that the shops of the assessee are situated just in front of the railway bridge and due to such railway bridge, commercial value of shops has come down drastically. We find that the said objection has been duly considered and addressed by the DVO in its report dated 30.10.2015. In his report, the DVO has stated that the shops are situated on main 100 feet wide road having all commercial amenities and regarding railway bridge, the assessee has not provided any alignment map/route map of bridge and at present, the work is stopped and as on date of sale, the bridge is not in existence. The said findings of the DVO remain uncontroverted before us and we therefore don't find any justifiable reason to interfere with the sai....