1977 (5) TMI 37 - AT - Income Tax

Summary

The Revenue appealed against the valuation of 8.5 acres of cotton growing land. The Asstt. Controller valued it at Rs. 67,500 based on gross sale proceeds, while the Appellate Controller valued it at Rs. 3,000 per acre after considering sale prices of adjoining land. The Tribunal dismissed the appeal, upholding the Appellate Controller's valuation. (Case: Appellate Tribunal ITAT INDORE, Citation: 1977 (5) TMI 37 - ITAT INDORE)