2025 (11) TMI 645

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....e tax Act 1961, (in short "the Act"), for Assessment Year 2017-18. 2. The revenue has raised the following grounds in appeal: 1. On the facts and in the circumstances of the case and law. Whether the learned CIT(A) erred in allowing the exemption under section 11 and 12 of the Income Tax Act, 1961, by overturning the AO's decision to invoke section 13(2)( e ) despite clear evidence that the purchase price of the land exceeded twice the circle rate which indicates adequacy of price. 2. On the facts and in the circumstances of the case and law. Whether the learned CIT(A) erred in accepting the valuation report submitted by the assessee without questioning / verifying its accuracy or directing the Ld. AO to conduct an inde....

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....d the order of the Assessing officer the assessee, preferred the appeal before the Ld. NFAC who vide his order dated 24-07-2024 partly allowed the appeal against which the revenue is in appeal before the Tribunal. 4. The Ld. Departmental representative (DR) submitted that the agriculture land was purchased more than the twice circle rate. The Assessing Officer has compared the 24 sale deed to decide the value of the purchased property which was summoned from the Sub registrar office. He further submitted that no person has purchased the agriculture land twice the circle land in the last five years. 5. Learned Counsel for the assessee has submitted that the assessee during the assessment proceedings. The assessee had purchased the inst....

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....ld certainly take precedence over any Guide to House Tax. 6. We, have heard the parties and perused the material available on record. In the instant case the Assessing Officer has relied the summoned sale deed from the office of the Sub registrar for calculating the value of the purchased property while the assessee, has filed the valuation report of the registered valuer. In the absence of the any material the Assessing Officer either should accepted the valuation report or called the report from the Departmental Valuation Officer (DAO). In this case the ld. Assessing Officer did not referred the matter to the DVO, the Assessing Officer has to accept the report of the registered valuer regarding the fair market value as claimed by the A....