TaxTMI 
TaxTMI 
2019 (12) TMI 1697
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.... Kumar VP 2. The detailed reasoned order is now set out as follows. 3. This appeal is directed against the order dated 27.04.2016 passed by the CIT(A) in the matter under section 143(3) of the Income Tax Act 1961 for the assessment year 2011-12. 4. In ground no 1 and 2, which we take up together, the assessee has raised the following grievances. I. D.V.O adopted higher value instate of deficiencies in the property: 1. The Learned CIT(A) erred in confirming addition of Long term Capital Gain towards sale of property by adopting value determined by the DVO at higher rate as against actual sale price, without considering that the said property had major deficiencies which resulted in no buyer for the property a....
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....d property was fully occupied and possessed by M/s. Haldyn Glass Ltd., for more than 20 years, that the said property was landlocked property in as much as it did not have reasonable passage, that the adjoining plot, through which an access was owned by M/s. Raheja Universal Ltd., i.e. the buyer, and that under these circumstances the valuation at Rs. 1,11,30,000/- was highly excessive and reasonable. Learned CIT(A) however did not accept the plea. Rejecting the said plea and confirming the action of the Assessing Officer on this point learned CIT(A), inter alia, observed as follows:- The above contentions of the assessee are not acceptable. There is no evidence that the property was fully occupied and possessed by M/s Haldyn Glass....
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....chnical nature of the job of valuation, it is held that the expert's opinion cannot be tinkered with by the undersigned without any valid reason. In the instant case al! the objections have been considered by the DVO or have been rebutted as above and there is therefore no need to defer from the valuation report which is based on specific sale instances of the relevant period in the vicinity of the plot of the assessee. The Supreme Court in the case of CIT vs. Bharti Cellular Ltd. [2011] 330 ITR 239 (SC) has already held that the role of technical experts is very important in matters of taxation. Therefore the ground of appeal no. 2 of the assessee is dismissed. 6. The assessee is not satisfied that the stands were taken by the learn....
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....h is shown by blue outline on the plan being Annexure "A" hereto. The Said Property has no direct access from any public road; and the access thereto is only through the Haldyn Property and Properties 216 & 217 only. 9. As evident from the above observation in the sale deed, not only the property in question was in possession of a third party, it also did not have any direct access from the public road and the access thereto was only through a property which the end buyer had already purchased. Given these serious restrictions on the right of the seller, which are also fully recognized in the DVO's report, the stamp duty valuation report can indeed not be adopted as a fair market price in this case. The DVO himself has given a discount o....