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TMI Blog2012 (7) TMI 578X X X X Extracts X X X X X X X X Extracts X X X X ..... el/2010. As far as the appeal of the revenue bearing ITA No.3324/Del/2011 is concerned, it has taken the grounds of appeal which are being taken in ITA No.4917/Del/2010. Grounds are verbatim same. It has not pointed out as to how the order of the Learned CIT(Appeals) passed under section 154 is not sustainable. The revenue has not expressed its grievance against the rectification order, therefore, this appeal is not maintainable. Accordingly, it is rejected. 2. The issue involved in the assessee's appeal, its cross-objection and in the revenue's appeals are inter-connected with each other, therefore, we take all these appeals together. 3. The brief facts of the case are that assessee company is engaged in the business of development of real estates. It has filed its return of income under sec. 139(1) of the Act on 15.7.2003 declaring an income of Rs.9,94,768. This return was processed under sec. 143(1) on 22.8.2003. No assessment was made under sec. 143(3) of the Act. Learned Assessing Officer found that assessee has sold the land at Radhey Shyam Park and Rajinder Nagar Industrial Area. New Delhi. However, in the balance sheet, it has not deducted stock in trade. Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Learned CIT(Appeals), the rates ought to be adopted at Rs.2500 per sq. yd. Learned CIT(Appeals) issued the directions accordingly vide her order dated 4.1.2007 passed in Appeal No. 64/2006-07. Dissatisfied with the order of the Learned CIT(Appeals), assessee as well as revenue came in appeal before the ITAT vide ITA No.418/Del/07 and 1365/Del/07. They have agitated all the disputes for which additions have been made by the Assessing Officer which have been partly deleted by the Learned CIT(Appeals). In the present appeals, we are concerned with the determination of the sales price of these two pieces of land at Radhey Shyam Park and Rahinder Nagar Ind. Area. The ITAT has set aside this issue to the file of the learned Assessing Officer for readjudication. The findings of the ITAT recorded in paragraph Nos. 22 and 23 read as under: "22. We have considered the submissions of both the parties, perused the records and carefully gone through the orders of the tax authorities below. 23. In this case, there are following important factors one that the A.O. while estimating the sale rate has relied upon the Inspector's Report, which was not confronted to the assessee. Second, the CIT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rates for Rainder Nagar Ind. Area plots and a rate of Rs.2900 per sq. yd. be adopted for Radhey Shyam Park Colony, while working out the sale proceeds for the sale of these two pieces of land. 7. The assessee in its appeal pleaded that rates disclosed by the assessee in the sale deed cannot be substituted on an estimate basis by the learned revenue authorities below It prayed that sale proceeds for Rajinder Nagar Ind. Colony be taken at Rs.3,82,000 and for Radhey Shyam Park it be taken at Rs.7,49,390. 8. The revenue on the other hand pleaded that Learned CIT(Appeals) has erred in not upholding the rates of Rs.6,000 per sq. yd. adopted by the Assessing Officer for estimating the sale proceeds of the sales of two pieces of land. 9. In the cross-objection, assessee has reiterated its stand as is taken in the appeal. 10. The learned counsel for the assessee while impugning the order of the Learned CIT(Appeals), submitted that the Assessing Officer cannot estimate the sale proceeds other than the one disclosed in the sale deed. He has no evidence which can suggest that assessee has not disclosed the true sale proceeds in its books of account. In support of his contentions, he relied ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the facts. It has sold the goods at a higher rate then the one shown in the books. Assessing Officer has deputed an inspector to find out the exact rates prevailing in the area. The inspector has reported the rates for the sale of land in between Rs.6,000 to Rs.7,000 per sq. yds. This report was not supplied to the assessee nor learned inspector was put to cross examination. The assessee has not challenged rejection of books of account when the dispute traveled to the ITAT in the first round. We have extracted the findings of the ITAT in the foregoing paragraphs. According to the order of the ITAT, the limited issue required to be adjudicated by us is to find out the market rates of these plots. In the last line of paragraph 23, the ITAT has observed that Assessing Officer would consider surrounding circumstances for estimating the sales rates for these plots. All the arguments whether any addition can be made by disbelieving the sale deeds are not relevant for this round of litigation. The issue before us is how to qualify the sale proceeds on the basis of evidence available on record. As far as the inspector's report is concerned, in our opinion, it is just expression of an op ..... X X X X Extracts X X X X X X X X Extracts X X X X
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