TaxTMI 
TaxTMI 
2020 (9) TMI 815
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....idelines issued by the CBDT nor it is generated on portal. 2. Ld. CIT(A) grossly erred not considering the situation of land which is situated in ecological zone on which section 50C or DLC rate nor applicable as compared with other land." 2. The hearing of the appeal was concluded through video conference in view of the prevailing situation of Covid-19 Pandemic. 3. Rival contentions have been heard and record perused. Facts in brief are that the assessee is an, individual and running printing press in the name of M/s Anita Printers regularly file her income tax return and during the Assessment Year assessee sold an immovable property vide registered sale deed for a total consideration of Rs. 75,00,000.00 which was valued by ....
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....al. Copy of Notices issued on portal enclosed (PB Page No. 8 to 19). All the notices which was issued from portal mentioned in assessment proceeding sheet except notice of 143(2) of IT Act. Chart detail are as per (PB Page No. 20). (iii) That there is also not mentioned in the assessment order that notice u/s 143(2) of IT Act has been issued. We submit there is no evidence that notice u/s 143(2) of IT Act has been originated. (iv) As per CBDT Circular No. F.No. 225/157/2017/ITA.11 dt 23.06.2017 notice u/s 143(2) of IT Act can be issued in the revised format generated through ITBA portal. (PB Page No. 21 to 25). (v) When we took the grounds of appeal before the Ld. CIT (A) about the not issuing of....
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....n not considering the situation of land which is situated in ecological zone on which Sec. 50C of the Act or DLC rate not applicable as compared with other land 7. On the other hand, the ld DR has contended that the A.O. has issued notice U/s 143(2) of the Act and in the remand proceedings, copy was sent to the ld. CIT(A). With regard to merit, she has contended that the A.O. has correctly valued the land as per the rate adopted by the Sub-Registrar. 8. We have considered the rival contentions and carefully gone through the orders of the authorities below and found from the record that during the course of assessment proceedings U/s 143(3)/148 of the Act, the A.O. has enhanced capital gain by taking value as determined by the Sub-Regi....
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....v) of sub section 2 of section 3 of the aforesaid act, to impose prohibition and restriction on the construction, installation of any structure for extraction of ground water resources etc. to avoid its further depletion and deterioration in the area." So above land is not useable for residential purpose and commercial purpose. (Copy of order of Ground water authority are placed at PB Page No. 35 to 37. (iii) Plotting and Housing activities completely restricted by JDA in ecological zone. (iv) Assessee can use the land for some specified purposes notified by local authority, but minimum 12-meter road is necessary. In assessee's land only 3-4-meter road available which is also not official road. (v) In the....
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....onsidered the comparable case of adjacent rate of land in our case ITAT view that" The assessee submits a report of registered valuer dated 20.12.2004 wherein the FMV of property as on 01.04.1981 is determined at Rs. 10,40,832/- comprising of the value of construction at Rs. 1,72,580/- and the value of land at Rs. 8,68,252/- which gives the land rate of Rs. 1,540/- per sq. yd. (8,68,252 divided by 563.80), being a corner plot. The ld. CIT(A) has sought the opinion of DVO who had provided the land rate of Shiv Marg, Bani Park and Madhao Singh Road, Bani Park as on 01.04.1981 at Rs. 60/- sq. mtr. and Rs. 167/- sq. mtr. Respectively. Thus there is a wide gap in land rate as given by Registered Valuer and actual sale instances cited by....
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....relevant factors. The assessee has already brought on record the comparable sale instances and, therefore, instead of going by the DLC rates of the area and that too for commercial property, the fair market value has to be determined based on the actual character of the property and the sale instances of the similarly situated property. In the case in hand, when the sale instances are available and which support the case of the assessee that the fair market value of the property cannot be more than the purchase consideration, then no addition is called for under section 56(2)(viii) of the Act. The addition by the AO and sustained by the ld. CIT (A) is deleted. In the result, the appeal of the assessee is allowed. 10. In view of ....