2023 (1) TMI 901

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....ommon set of facts, they were heard together and are being disposed of though this common order, for the sake of convenience. 2 At the outset of the hearing, the Bench noted that both the appeals are barred by limitation of 93 days. The ld. AR of the assessee has furnished a letter owning up responsibility for the delay on account of some personal inconveniences. Accordingly, we are of the view that there was a reasonable cause for the delay in filing both these appeals before the Tribunal. Accordingly, we condone the delay and admit the appeals. 3 The common issue urged in both these appeals relate to the issue of adoption of market value as on 01-04-1981 while computing capital gains on sale of a plot, in which both the assessees herein....

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....ties and perused the record. Before us, the assessees did not dispute the adoption of DLC value as Sale consideration in terms of sec. 50C of the Act. The dispute is related to the determination of the FMV as on 1.4.1981. It is the case of the assessees that they have adopted the value as determined by a registered valuer. 7. We notice that the DLC value in 1983 was shown as Rs.60/- per sq. Ft. The valuer of the assessee has discounted the above said rate in order to arrive at value as on 01-04-1981 at Rs.42/- per sq. Ft. On the contrary, the ld. CIT(A) has noticed that the DLC rate of Rs.60/- per sq.ft. in 1983 has increased to Rs.120/- in 1987 resulting in an average increase of Rs.15/- per sq. ft. The Ld CIT(A) adopted the discounting f....