2022 (7) TMI 900

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as "the Act"), dated 29.12.2016. 2. The grounds of appeal raised by the assessee are as under: "A. Registered valuer report not accepted (Section 55A) 1. On the facts and in the circumstances of the case, the learned CIT (A's) erred in not considering registered valuer's report @Rs.60 per. Sq.mtr. 2. On the facts and in the circumstances of the case, the learned CIT (A's) erred in not appreciating that registered valuer has made comparable instances before making valuation as on 01.04.1981. B. Accepting DVO Report without giving any justification 1. On the facts and in the circumstances of the case, the learned CIT....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f the property worked out to Rs.3,09,52,069/- was appeared to be on the higher side. As no relevant documentary evidences except Valuation Report were available, therefore a reference was made to Valuation Officer, Surat to determine the value of both the property as on 01.04.1981. However, assessing officer did not receive the valuation Report. Therefore, assessing officer by taking of value Rs. 10/- per sq.meter, as fair market value as on 01.04.1981 worked out the cost of indexation at Rs. 51,58,678/- against the indexed cost of acquisition of the property worked out to Rs.3,09,52,069/- by assessee. After allowing exemption under section 54B and 54EC of the Act, the assessing officer determined long term capital gain to the tune of Rs.3,....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....stand taken by the Assessing Officer, which we have already noted in our earlier para and is not being repeated for the sake of brevity. 7. We have heard both the parties and carefully gone through the submissions put forth on behalf of the assessee along with the documents furnished and the case laws relied upon, and perused the facts of the case including the findings of the ld. CIT(A) and other material brought on record. We note that main dispute between the Assessee and Revenue is that assessee wants that his Registered Valuer report, wherein he valued @ Rs.60 per sq.Meter may be adopted to determine the fair market value on 01.04.1981 and Revenue wants that fair market value (FMV) at the rate of Rs.53 per sq. meter, as determined b....