2012 (6) TMI 563 - HC - Income Tax

Valuation - 50% of the share the assessee owns in the property. He acquired the same under a registered sale deed. The Appellate Commissioner accepted the valuation, on the basis of the valuation in the case of Sri S.K. Sanjay where the Tribunal has accepted the valuation. Apart from the consideration mentioned in the sale deed and ownerships slums on the property were taken into consideration in coming to the fair market value. valuation accepted by the Tribunal is just and proper and represents the true market value of the property. appeals are dismissed

Summary

Issues: Valuation of property for assessment years 1996-97 to 2003-04

The High Court of Karnataka, comprising N. Kumar and Ravi Malimath, JJ., considered multiple appeals concerning the valuation of a property for the assessment years 1996-97 to 2003-04. The appeals were consolidated due to the commonality of the subject matter, property, and valuation. The property in question constituted 50% of the share owned by the assessee, acquired through a registered sale deed. The Appellate Commissioner had accepted the valuation based on a previous case involving S.K. Sanjay, where the Tribunal had approved the valuation. The Tribunal, after considering various factors such as the sale deed consideration and ownership slums, declined to interfere with the Appellate Commissioner's decision.

The Court affirmed the valuation upheld in a connected matter involving the same property, concluding that the Tribunal's accepted valuation was just, proper, and reflective of the property's true market value. Consequently, the Court found no merit in the appeals and dismissed them collectively. The judgment emphasized the importance of consistency in valuation decisions across related cases and upheld the Tribunal's determination as valid and appropriate.