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TMI Blog1975 (12) TMI 88X X X X Extracts X X X X X X X X Extracts X X X X ..... ate the value of the three plots of land allotted to the assessee in order to fix the sale price of the Pataudi House and to determine the value of the Patuadi House as on1st Jan., 1954for the purpose of determining the cost price. The cost price as on1st Jan., 1954had been determined in appeal by the Tribunal at Rs. 8,02,500 and that became final. Now, the only dispute with which we are now concerned is in regard to the fixation of the value of the plots allotted to the assessee at Chankyapuri. The ITO had estimated the lands at Rs. 200 per sq. Yd. He determined this value on the basis of the value determined for wealth-tax purposes, The assessee also filed before the ITO various instances of sale that took place in that area at the releva ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ances were also given wherein the value of the plots sold was at the much lower figure. The ITO was accordingly confronted with this evidence, i.e. the sales made wherein the price varied between Rs. 27 to Rs. 40 per sq. yd. On the other hand the ITO also quoted certain transactions wherein the sales were made at a higher figure. It is again not disputed that the WTO had estimated the value of these plots in Chankyapuri at Rs. 200 per sq. yd., which were not disputed in appeal. I further find that the appellant sold two properties, namely 19, Sardar Patel Marg and 20, Sardar Petal Marg which were constructed on the land as allotted by the Government. I further find that the instances quoted by the appellant regarding the sales transactions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le. For what is more, those prices were for much smaller plots and that too admittedly for plots and that too admittedly for plots lying interior, whereas the assessee s plots lying interior, whereas the assessee's plots are on the main road and a very large area. The plot with a smaller area will always fetch a higher price than a plot that has large area as 9,200 sq. yds. This natural course of market forces appear to have been totally ignored. That a part, the order of the AAC would show that, in fixing the value at Rs.150 per sq. yd. he was influenced by the sale of the plot that took place on26th Nov., 1968worked out by the ITO at Rs. 150 per sq.yd. This has been wrongly worked out. The correct price would come to Rs. 105 per sq.yd. Ev ..... X X X X Extracts X X X X X X X X Extracts X X X X
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