2018 (11) TMI 1836

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....Gawli ORDER PER VIKAS AWASTHY, JM : This appeal by the assessee is directed against the order of Commissioner of Income Tax (Appeals)-2, Aurangabad dated 06-09-2016 for the assessment year 2012-13. 2. The brief facts of the case as emanating from records are : The assessee sold agriculture land comprising in Gut No. 212, Satara (Khandoba), Aurangabad admeasuring 40 R for consideration ....

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....als). 3. Shri Pramod Shingte appearing on behalf of the assessee submitted that the assessee is an agriculturist. The assessee sold agricultural land for Rs. 45,00,000/-. The cost of acquisition of land was Rs. 2,00,000/- and offered the Capital Gain arising there from for tax. The Assessing Officer took the sale value as per Government valuation and made addition of Rs. 6,75,000/-. The differe....

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....Jammu & Kashmir High Court in the case of Honest Group of Hotels (P) Ltd. Vs. Commissioner of Income Tax reported as 123 Taxman 464. 4. On the other hand Shri Rajesh Gawli representing the Department vehemently supported the order of Commissioner of Income Tax (Appeals) in confirming the addition. However, the ld. DR submitted that in proceedings before the First Appellate Authority the assesse....

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....%. No addition is warranted. We find in the present case there is difference of 13% in the value declared by the assessee and as determined by the Assessing Officer. The Co-ordinate Bench of the Tribunal in the case of Rahul Constructions Vs. Deputy Commissioner of Income Tax (supra) has taken a tolerance limit of difference in two valuations as 10%. Similar view has been taken by the Hon'ble Jamm....