2014 (10) TMI 1027

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..... Madhavan, JCIT Respondent by: Shri A.S. Sriraman, Advocate ORDER S.S.Godara,  This Revenue's appeal for assessment year 2007-08, is directed against order of the Commissioner of Income-tax (Appeals)II Chennai dated 26.2.2014, passed in Appeal No.1399/2013-14, in proceedings under section 143(3) r.w.s 147 of the Income-tax Act, 1961 (in short the 'Act'). 2. The Revenue's sole ....

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....on under acquisition laws. This resulted in 'other' income of Rs. 3,05,60,871/-. It adopted 'FMV' of the property acquired as on 1.4.1981 to be Rs. 10,22,400/- based on a registered valuer's report for computing long term capital gains. The Assessing Officer had placed reliance on Sub-Registrar's valuation @ Rs. 10,000/- per ground in assessment year 2006-07 for computing 'FMV' of the very propert....

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....t the CIT(A) ought to have taken 'FMV' of the property as on 1.4.1981 as per the Sub-Registrar's correspondence(supra). A co-ordinate bench of the 'tribunal' has already averaged the two values qua the same property in assessment year 2006-07. The Assessing Officer has re-opened the assessment on the basis of his findings in the said assessment year. The Revenue fails to point out any dist....