2018 (10) TMI 1980

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....-10 & in ITA No.220/CIT(A)-5/ 2016-17 both dated 04.12.2017 for the assessment year 2008-09 respectively. 2. Mr. D. Anand represented on behalf of the Assessee, and Mr.Clement Ramesh Kumar represented on behalf the of the Revenue. ITA No.357/Chny/2018 3. It was submitted by the ld.A.R that the assessee is a HUF, who is in the business of money lending. It was a submission that the assessee had sold an immovable property during the relevant assessment year, which was land and building at Old door No.3/17,New Door No.83,Anna Salai,Chennai-2. It was a submission that the said property was sold for Rs. 85 lakhs. It was a submission that the ld. Assessing Officer had completed the assessment u/s.143(3) of the Act on 31.12.2011 by invoking th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....15% is permitted in respect of valuation as disclosed by the assessee and as valued by the DVO. Here, the difference between the sale consideration as disclosed by the assessee and as arrived at by the DVO is only Rs. 7,14,110/-, which is less than 10%, clearly no addition is liable to be made and the long term capital gains is to be computed by applying the value as disclosed by the assessee. Consequently, the addition as made by the ld. Assessing Officer and confirmed by the Ld.CIT(A), stands deleted. 5.1 We are not going into estimating the net value of land under the pretext of probable increase in land value on account of time gap between guideline value date and the transaction date as the addition made by the ld. Assessing Officer a....