2025 (4) TMI 2008

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.... For the Respondent : Smt.Leena Lal, Sr.AR ORDER PER INTURI RAMA RAO, AM : This appeal at the instance of the assessee is directed against National Faceless Assessment Centre / Commissioner of Income-tax (Appeals) ["CIT(A)"] order dated 15.05.2024 passed u/s.250 of the Income-tax Act, 1961 ["the Act"] for the assessment year 2016-2017. 2. The appellant is an individual. The return of i....

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.....04.2081 at Rs. 50,000 per cent. However, the appellant could not furnish any basis for adopting the FMV at Rs. 50,000 as on 01.04.2081. Therefore, the matter was referred to the SRO Edapally for furnishing the FMV as on 01.04.2081. The SRO stated the FMV of the land in the area comprises under Survey No.695/7/1 Thrikkakara North Village during the year 1981 is Rs. 7,260. Based on this value, the ....

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....issions and perused the material available on record. The only issue that arises for our consideration is determinative of the FMV as on 01.04.2081 in respect of the property sold by the appellant during the previous year relevant to the assessment year under consideration. The appellant adopted the FMV at the rate of Rs. 50,000 per cent, whereas the AO based on the sale instance furnished by the ....