2025 (4) TMI 2009

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....Leena Lal, Sr. D.R. ORDER PER: INTURI RAMA RAO, AM This appeal filed by the assessee is directed against the order of the National Faceless Appeal Centre, Delhi [CIT(A)], dated 07.08.2024 for Assessment Year (AY) 2014-15. 2. The appellant is an individual deriving income from capital gains. The return of income for AY 2014-15 was filed on 29.07.2015 declaring total income of Rs. 2,21,6....

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....nd 35% of the total built up area. In the return of income, the appellant returned capital gain in respect of the same. While computing the capital gain the appellant adopted fair market value as on 01.04.1981 at Rs. 1 lakh per cent. However, the AO rejected the above fair market value and proceeded with computation of capital gain by adopting Rs. 18,181/- per cent as fair market value based on th....

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.... assessee is based on the reverse indexation method which a valid and acceptable method of valuation. In this connection the appellant also placed reliance of the decision of the Hon'ble Andhra Pradesh High Court in the case of CIT vs. Ashven Datla [2013] 37 taxmann.com 261 (AP) and also placed reliance on the decision of the Coordinate Bench of this Tribunal in the case of ACIT vs. Shri Naray....

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....981. It is settled law to the extent that the guideline value as per SRO record does not always represent the fair market value. The method adopted by the appellant for arriving at the fair market value is one of the acceptable methods and is based on the valuation report. The AO ought to have accepted the fair market value as adopted by the appellant. In the result, the appeal of the assessee on ....