1986 (11) TMI 141

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..... nverted to commercial land measuring 1000 sq. yds. For the asst. yr. 1984-85, the said plot of land was taken at Rs. 3,67,835. For the year under review, the assessee deducted 25 per cent and returned a value of Rs. 2,76,877. According to the AAC, the reduction claimed by the assessee was not at all justified in in view of high rates of auction at which UIT were able to sell land belonging to them .....

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..... whereby the prices have fallen down by about 40 per cent, we are of the view that the claim of the assessee for reduction cannot be said to be unjustified. The question is what should be the percentage that should be allowed. Since it is purely a question of estimate, we are of the view that 20 per cent reduction would be reasonable in the circumstances of the case. We accordingly, direct the WTO .....

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