1977 (5) TMI 38 - AT - Income Tax

Summary

The Revenue appealed the valuation of 8.5 acres of cotton growing land. The Asstt. Controller valued it at Rs. 67,500 based on average sale proceeds of Rs. 13,500. The Appellate Controller estimated the value at Rs. 3,000 per acre, giving a relief of Rs. 42,000. The Tribunal dismissed the appeal, finding the Appellate Controller's valuation reasonable. (Case: Appellate Tribunal ITAT INDORE, Citation: 1977 (5) TMI 38 - ITAT INDORE)