TaxTMI 
TaxTMI 
2024 (8) TMI 218
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.... of appeal: "1. On the facts and circumstances of the case, the final assessment order passed by the learned Assistant Commissioner of Income Tax, Circle International Taxation, 2(1)(2) (hereinafter referred to as 'Assessing Officer') under Section 143(3) read with Section 144C (13) of the Act is bad both in the eye of law and on facts. 2. On the facts and circumstances of the case, reference made by the AO under section 142A of the Act to the valuation officer and consequent valuation report submitted by the District Valuation Officer for estimation of the fair market value of the capital asset is illegal, void and liable to be quashed. 3. On the facts and circumstances of the case, the AO has erred both ....
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....in law in ignoring the contention of the assessee that the report has been made by the DVO without considering the comparable instances as well as certified copies of sale deeds in the vicinity brought on record by the assessee. 9. On the facts and circumstances of the case, the AO has erred both on facts and in law in ignoring the defects pointed out by the assessee in the report submitted by the DVO. 10. On the facts and circumstances of the case, the AO has erred both on facts and in law in ignoring the contention of the assessee that DVO has exceeded his jurisdiction in estimating the value of property as on 01.04.2001 whereas the reference was made to him under Section 142A to estimate the cost of construction of the ....
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....pital gain of Rs 4,28,60,146/- after claiming indexed cost of acquisition of Rs 6,52,96,660 indexed cost of improvement of Rs. 65.36.394/- and cost of transfer & other misc. expenses of Rs. 3,06,800/- 3. The issues involved are:- * Disallowance of Indexed cost of acquisition by amount of Rs. 1,97,79,784/- on the basis of report issued by DVO under section 142A of the Act. * Disallowance of Rs. 22,61,728/- on account of cost of improvement * Disallowance of Rs. 27,49,400/- on account of transfer expenses. 4. The assessee submitted that assessee inherited 50% undivided share in plot and super structure in A-12, Gulmohar Park New Delhi from his father Late Sh. Shadi Lal Kapur vide will testament dated 04.05.196....
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....er of the assessee and of Rs. 1,57,49,784/- as determined by the DVO. 8. The addition made by the Assessing Officer based on the report of the DVO has been affirmed by the Ld. DRP. 9. Aggrieved, the assessee filed appeal before the Tribunal. 10. Before us, the Ld. Counsel for the assessee argued that the AO failed to take cognizance of valuation report dated 18.03.2020 issued by registered valuer Er. B.P. Singh, which was the basis of assessee calculation of cost of acquisition and assessee has valuation report dated 21.05.2022 issued registered valuer Paramjeet Associates to strengthen its contention. It was argued that the Assessing Officer has blindly relied report of the DVO inspite of the objections raised by the assessee on t....
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.....06 square meters whereas the land area of the base line the property at SDA was 337.11 square meters. The road width of the assessee property was 100 ft. and on the main road whereas the road width of the base line the property at SDA was 45 ft. internal road. Further, the assessee property as a back side service lane and base line the property at SDA do not have any service lane. Further, the property of the assessee was valued based on the comparable date of 2nd May, 2001 whereas base line the property at SDA date of sale was 19.10.2000. Thus, the property valued taken by the valuer of the assessee was at a closer date than that of the DVO. Hence, keeping in view, the tangible differences it can be held that the absence of any mistake po....