2020 (9) TMI 564

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....essee has submitted that in para 6 of the impugned order, the Tribunal has set aside the issue of determining of fair market value of the property sold by the assessee to the record of the AO/DVO for fresh determination however, the issue regarding the area of two offices wrongly considered by the AO/DVO has not been decided by the Tribunal. The ld. AR has referred in para 7 and 8 of the impugned order and pointed out that the actual area of these two offices sold by the assessee is 247.49 sq. mt. whereas the DVO has added the area of 36.31 sq. mt. on account of common area and arrived to a total area at 283.80 sq. mt. Therefore, the AO has determined the fair market value on the basis of incorrect total area of two office bearing No. 202 &....

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.... these two offices and another is value of structure/building as per the area of the two offices, thus the value of land has to be apportioned in the ratio of the area of these two offices to the total salable area of the building. The second component of value is the cost of construction which is also to be determined as per the fair market rates per Sq. Ft. therefore, there is no dispute regarding the two components in the fair market value of the offices. As it is apparent from the details, we have reproduced in the foregoing para, the stamp duty authority has adopted the value of land at Rs. 2,75,04,852/- whereas the value determined by the DVO of the land is Rs. 1,20,41,900/-. The second component in the value adopted by the stamp duty....

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....e A.O./DVO. Accordingly, we set aside this issue to the record of the A.O./DVO for determining the fair market value of these two offices No. 202 and 203 afresh by verifying the correct facts and then the valuation should be based on correct facts. Needless to say, the assessee be given appropriate opportunity of hearing before passing the order." Thus, dispute was regarding the fair market value adopted by the AO in respect of two offices bearing no. 202 & 203, Sun n Moon Chambers, S- 4, Linking Road, 7th Floor, Near Ajmer Pulia, Jaipur the Tribunal has observed that the DVO in his valuation report stated that these two office are situated at 3rd floor of the building whereas as per sale deed sight plot attached to the sale deed these t....

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....e result, the appeal of the assessee is partly allowed. Order pronounced in the open court on 07/07/2020. ============= Document 1 Annexure-C Property: AREA CALCULATION Office No. 202 & 203, Sun N Moon Chambers, Near Ajmer Pulia, Linking Road, Jaipur Assessee: M/s Radha Swami Buildcon Pvt. Ltd. I Area of office no. 202 & 203 (as per sale deed & valuation report) 2663 sqft.or 247.49 sqm Common area @ 14.67% (as given below) Total built-up Area at 3rd floor = 861.06 sqm Total saleable Area at 3rd floor = II III 2663 sqft +5420 sqft=8083 sqft or 750.93 sqm % common area = {(861.06/750.93)-1}x100 = 14.67% Total area LALANI & CO. JAIPUR FE CHARTERED 182 COUNTANTS ....