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TaxTMI 
TaxTMI 
TaxTMI 
2023 (10) TMI 545
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....nt was sought for. Having no other alternative, we have decided to proceed with the matter ex parte. 4. We have heard the Ld. DR who has relied upon the orders passed by the authorities below. 5. The brief facts leading to the case is this that the appellant being a vegetable vendor, had sold an open plot of land on 11.10.2011 at Pethapur, District: Gandhinagar lying and situated at Survey No. 3648 for a consideration of Rs.1,25,00,000/- by and under the Sale Deed No. GDR/12041/1-52/2011. Since the land was a commercial property, permission for building construction was granted to the appellant by the Pethapur Nagarpalika during F.Y. 2010-11 and the purchasers, namely, Shri Yusuf I. Parmar and Shri Hitendra Pratapsinh Parmar purchased the same for developing/plotting and sale of plots. The capital gain generated from the sale of property was taxable in the hands of the appellant. However, no return of income has been filed by the appellant nor the capital gain generated out of the sale transaction was offered. The reason to this effect that income chargeable to tax had escaped assessment was formed and reopening of assessment under Section 147 of the Act was done. Notice under Se....
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....in form of cash and cheque. 3) The said lands us ancestral property of family of assessee und the same has been allotted to the father of the assessee in the year 1950 for the purpose of agriculture. The said fund had been used for the purpose of irrigation of vegetables and the same had also been reflected in the records of Pethapur Gram Panchayat. Copy of the land revenue demand notice is annexed herewith and marked as Exh.A. 4) It is stated that the said land was initially in the name of the father of the assessee (Jivanbhai Nathibhai Vaghri) on the record of gram panchayat. However after the death of the father of the assessee, the said land had been transferred in name of assessee (Vechatbhai Jivanbhai Vaghri). Copy of the Land Revenue demand notice dated 15.12.1993 issued in name of the assessee as a legal heir of Jivanbhai Nathubhai Vaghri is annexed herewith and marked as Exh B. 5) It is stated that Pethapur Gram Panchayat had been converted into Pethapur Nagarpalika due to increase of population in village and during which time all the properties were allotted new city survey numbers. It is stated that the said and ring Old Vada No 307 was left out for the allotment....
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....bsp; 16,11,125/ Valuation as Pr Sale Deed 1.25,00,000/- Long Term Capital Amount 1,08,88,875/- Less (-) Amount as per Index of 2011/12 &n....
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....; 1,23,59,620/- Capital Gain 1,40,380/- It is stated that as per the above mentioned calculation I am not liable to pay any long term capital gain and therefore the Assessment proceedings may be accordingly may be put to an end. It is further stated that the assessee has also get the valuation certificate on 25.07.2015 and calculation as per the valuation certificate is as follows and copy of the valuation certificate dated 25.07.2015 issued by the Shri Nimesh Raval, Govt. Approved Valuer is annexed herewith and marked as Ed E Valuation on 1981 13,50,000/- Index Cost 1,05,97,500/- Sale Value  ....
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....or by the assessing officer in case where the assessee has assessed the value of the property at a lower rate than that off the market value. It would be pertinent to note that in the present case the value assessed by the assessee was much more on higher side comparing to the valuation arrived at by the valuation officer and therefore in the respectful submission of the assessee the powers exercised by the assessing officer is beyond the scope of the powers conferred under the Act. It is stated that in the case of Hiaben Jayantilal Shah Vis ITO reported in 2009(310) ITR 31, Hon'ble High Court of Gujarat was also pleased to observed that only the assessing officer is of the opinion that the value so claimed is less than the fair market value, the assessing officer is entitled to make reference to the Valuation Officer. Copy of the judgment is annexed herewith and marked as Exh G In view of the above facts the valuation arrived at by you is erroneous and therefore the same is not acceptable and in view of the same, I hereby request you to consider all the above aspect and finish the assessment proceedings at the earliest. Vechatbhai Jabhai Vagin Sd/- I.T.P" 6. Along wit....