TaxTMI 
TaxTMI 
2022 (10) TMI 545
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....submitting that the appeal ought to have been filed by the revenue on or before 08.09.2019, however, the appeal could not be filed due to passage of some considerable time in submission of report on adverse appellate order by the AO and authorization u/s 253(2) of the Income Tax Act, 1961 (in short 'Act') was received from the O/o Pr.CIT on 16.09.2019 and steps were immediately taken to prepare the appeal petition by 17.09.2019 and dispatch the same to the ITAT on 18.09.2019 and the delay is reckoned from 09.09.2019 to 19.09.2019. The revenue, therefore, pleaded to condone the delay and admit the appeal for hearing. We have heard the Ld.DR, gone through the condonation petition filed and since there is reasonable cause for condonation of d....
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.....4,25,215/- as the cost of acquisition of the property. The cost of acquisition of the 50% share in the property of the assessee was accordingly adopted at Rs.2,12,608/- while computing the LTCG income in the return of income. The AO observed that the adoption of the market value as on 01.01.1989 as the market value against the market value as on 01.01.1981 cannot be accepted in view of the long gap of 8 years between the two dates. The AO therefore, rejected the same and adopted the FMV of the property as on 01.04.1981 at Rs.60,000/- on the basis of estimate after taking into consideration the fact that the actual cost of purchase of the property on 10.02.1978 was Rs.51,000/-. The FMV of 50% share in the property of the assessee as on 01.0....
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....he property as on 01.04.1981 at Rs.60,000/- on adhoc basis without specifying the manner of arriving at the same, though she made a reference to the actual cost of purchase of the property at Rs.51,000/- by the previous owner on 10.02.1978. The Ld.CIT(A) held that in the absence of availability of the data regarding the market value of the property as on 01.04.1981 with the Sub-registrar, there is no other option but to estimate the said value on a logical method and not on adhoc basis. The logical method for estimating the market value as on 01.04.1981 would be to consider the market value of the property as on 01.01.1981 would be to consider the market value of the property as on 01.01.1989 as per the certificate issued by the Joint Sub-r....
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....des the merits in facts and in law, it is also submitted that there is a RAP objection in the case which has been accepted by the Department. For these and other grounds that may be urged at the time of appeal hearing, it is prayed that additions made may be restored. 5. Ground No.1 and 3 are general in nature, which do not require specific adjudication. 6. Ground No.2 is related to adoption of market value at Rs.18,77,808/- by the Ld.CIT(A) as against the market value of Rs.2,48,66,400/- adopted by the SRO at the time of registration. 7. The Ld.DR argued that the Ld.CIT(A) is not justified in allowing the appeal of the assessee ignoring the fact that the "reverse formula" adopted by the CIT(A) would work out the market value to Rs.18,77....