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TMI Blog2011 (7) TMI 708X X X X Extracts X X X X X X X X Extracts X X X X ..... arket value as on 1.4.1981 was also furnished as additional evidence. The contention of the assessee in this regard was that the fair market value as on 1st day of April, 1981 is to be adopted as the cost of acquisition under the provisions of section 48 of the Act. - Additional evidence admitted. Under the provisions of the Act admittedly the assessee has the option to adopt the fair market value of the asset as on 1.4.1981 as its cost of acquisition - assessee has filed report of Registered Valuer but the same has not been looked into by the Assessing Officer or the CIT(A) - Appeal is allowed by way of remand. - IT APPEAL NO. 326 (CHD.) OF 2000 - - - Dated:- 27-7-2011 - D.K. SRIVASTAVA, MS. SUSHMA CHOWLA, JJ. Sudhir Sehgal for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he capital gain. 5. That notwithstanding the above said grounds of appeal that the Ld. CIT(A) has also erred in adopting the stamp duty valuation without referring the same to the Valuation Officer for the valuation of the fair market value as on date of sale. 6. That the AO has erred in demanding interest u/s 234B without there being specific order to charge the interest u/s 64B either in the order of in the demand notice and thus, the assessee denies its liability to charge interest u/s 234B in view of judgment of Hon'ble Supreme Court, as reported in 247 ITR 209." 3. Ground No.1 raised by the assessee is not pressed and hence the same is dismissed as not pressed. 4. The issue in ground Nos.2 to 5 is against the computation of i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act and adopted the value at Rs.20 lacs as determined by the Revenue Authorities to be the sale consideration and after deducting the cost of plot as shown by the assessee at Rs.1,86,375/-, the income from capital gains (long term) was computed at Rs.18,13,625/-. Further exemption was allowed under section 54 of the Act as declared by the assessee at Rs.7,13,500/- and the taxable income from long term capital gains was computed at Rs.11,00,125/-. 6. Before the CIT(A) the assessee furnished additional evidence being the allotment letter of the said plot in the name of the grand father of the assessee, will of the said person and also the valuation report of the Registered Valuer determining the fair market value as on 1.4.1981. The sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Industries Department in favour of Shri Ganga Singh on 6.10.1981. The assessee while computing the income from long term capital gains from the sale of the land had shown the sale consideration at Rs.9 lacs and had claimed the cost of land as deduction and thereafter claimed exemption under section 54 of the Income Tax Act. The Assessing Officer, however, adopted the sale value at Rs.20 lacs and after allowing the deduction on account of cost of plot as declared by the assessee and the exemption under section 54 of the Act had computed the income from long term capital gains at Rs.11,00,125/-. The assessee had furnished reply dated 8.4.2009 before the Assessing Officer in which it was claimed by the assessee that as he had invested whole am ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s placed at page 27 of the Paper Book. Thereafter the assessee furnished written submissions dated 16.12.2000 and 10.1.2011 pointing out the case laws on the issue in the context of provisions of section 50C of the Income Tax Act. The CIT(A) vide para 6 made observation in connection with the value determined by the State Revenue Authorities and held that in the totality of the facts and circumstances he was of the view that the Assessing Officer had rightly made the addition by adopting the value of plot at Rs.20 lacs in view of the provisions of section 50C of the Act. The computation of long term capital gains thereafter made by the Assessing Officer was confirmed by the CIT(A). The assessee is aggrieved by the non-consideration of his w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the assessee prior to 1st day of April, 1981, the cost of acquisition of the asset or the fair market value of the asset as on 1st day of April, 1981, at the option of the assessee, is to be adopted. The assessee before us in the return of income had shown the cost of acquisition as its original cost. However, before the CIT(A) a prayer was made for admission of additional evidence alongwith documents establishing the claim of the assessee of having acquired the said property prior to 1st April, 1981. Further, report of the Registered Valuer determining the fair market value as on 1.4.1981 was also furnished as additional evidence. The contention of the assessee in this regard was that the fair market value as on 1st day of April, 1981 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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