2020 (12) TMI 119

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....ITA No.2128/Bang/2018 : Revenue's appeal 2. There is a delay of 28 days in filing this appeal. The Department has filed a petition for condonation of delay and also an Affidavit of the Dy.Commissioner of Income-tax, stating therein the reason for the delayed filing of this appeal. We have perused the reasons stated in the Affidavit of the DCIT. We are of the view that there is sufficient cause for the belated filing of this appeal and no latches can be attributed on the part of the Department. Therefore, we condone the delay of 28 days in filing this appeal and proceeded to dispose of the same on merit. 3. The Revenue has raised the solitary effective ground, which reads as follow:- "2. The Ld.CIT(A) erred in law and in fact by adjudica....

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.... stated that factually this is not true inasmuch as the assessee's property is lying on the stretch of Subedar Chatram Road (upto Ananda Rao Circle) in Seshadripuram area. Consequently, the guideline value of the impugned property as per the above notification would be Rs. 7,280 per sq.ft. after considering mark-up of 40% on the guideline value of Rs. 5,200 per sq.ft. notified for residential properties (40% mark-up for commercial property). Therefore, it was stated that the provisions of section 50C of the I.T.Act would not come into play inasmuch as the assessee had sold the property at a rate of Rs. 10,000 per sq.ft., which is much more than the guideline value of Rs. 7,280 per sq.ft. Without prejudice to the above contention, the assess....

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....e guideline value would be Rs. 7,280/- per Sft. Therefore, even as per the provisions of section 50C of the Act, the value to be adopted is Rs. 7,280/- per Sft. which is much lesser than that of the property sold at the rate of Rs. 10,000/- per sft. Therefore, the contention of the appellant that the invocation of the provisions of Sec.50C of the Act, is erroneous and the sale consideration of Rs. 7,50,00,000/- reported by the appellant be adopted instead of Rs. 10,92,00,000/- is hereby accepted. The grounds taken on this issue are hereby allowed." 7. Aggrieved by the decision of the CIT(A) in accepting the sale consideration at Rs. 7.50 crore instead of Rs. 10.92 crore adopted by the A.O., the Department has filed this appeal before the T....

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....the certified copy of the guideline value fixed by the Government of Karnataka, covering the area (in vernacular). Admittedly, the impugned property is situated on Subadar Chatram Road between Anand Rao Circle and Seshadripuram. This fact is also confirmed by the Assessing Officer in the remand report dated 30.03.2018 submitted to the first appellate authority. On perusal of the letter of District Registrar dated 29.10.2020, along with the relevant pages of guideline value attached along with the letter of District Registrar, it is clear that the impugned property which is located at Subedar Chatram (SC) Road between Seshadripuram and Anand Rao Circle is governed by entry No.157, where the guideline value fixed as on 30.06.2012 was much l....