9911796707
TMI Blog1987 (1) TMI 163X X X X Extracts X X X X X X X X Extracts X X X X ..... deration the restriction imposed as per the lease deed of the society. 2. That the valuation has been estimated on the basis of agreement to sell deals without bringing anything on record and as such the action of the ld. ITO was arbitrary and unjust. 3. That the ld. AAC has acted arbitrarily in not making deduction of the lessor's share from the unearned increase in the value of the plot." ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lue of the plot was being shown. A reply dt.18th Feb., 1985was brought on record and reliance was also placed on the finding of ld. AAC for the asst. yr. 1976-77. The ld. AAC held for that year that the plot was not saleable and, therefore, its value should be taken at cost. Reliance was also placed on cl. 6 of the lease deed dt.30th Dec., 1974for the purpose that certain conditions were imposed o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e said society as a builder and promoter allotted the plot to the assessee on the basis of perfectual sublease dt. 3rd Dec., 1974, copy of which is placed in the record. Shri Kapur argued that in view of the stringent condition mentioned in cl. 6 of the sublease deed the property was not transferable. Thus according to the ld. authorised representative the value shown should have been accepted and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o doubt transfer may be permissible after satisfying certain conditions nonetheless it is undisputed that the assessee is not owner of a freehold plot. The other conditions of perfectual sublease, relevant for the issue, are also not properly looked into. The matter, therefore, requires a second look as the value was not properly determined and confirmed by the lower authorities. In view thereto w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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