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TMI Blog2013 (2) TMI 430X X X X Extracts X X X X X X X X Extracts X X X X ..... nt/ assessee during the financial year ending 31.03.2003 which was relevant to the assessment year 2003-04. One plot was of Radhey Shyam Park and another of Rajinder Nagar Industrial Area. The impugned order passed by the Tribunal was the second round of litigation before the Tribunal. In the first round the Tribunal had passed an order on 28.11.2008 whereby it had noticed that the assessing officer while estimating the rate of the plots had taken a rate relying upon an Inspector‟s report with which the respondent had not been confronted. Consequently, the Tribunal had directed that the matter be restored to the file of the assessing officer to decide the same afresh after supplying the Inspector‟s report to the respondent/ asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rieved by parts of the decision of the CIT (Appeals). The cross-appeals have been disposed of by the order dated 25.05.2012 which is impugned before us by the revenue. The Tribunal had taken the view that so far as the plot at Radhey Shyam Park was concerned the circle rate was Rs.1,338 per sq. yd. whereas the apparent sale consideration was @ Rs.1,441/- per sq. yd. and, therefore, in the absence of any concrete evidence to the contrary the circle rate should be adopted as representing the correct value of the land at Radhey Shyam Park since the circle rate was lower than the apparent sale consideration at the rate of Rs.1,441/- per sq. yd. The Tribunal accepted at Rs.1,441/- per sq. yd. As regards the land at Rajinder Nagar Industrial Are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rates were for residential or industrial colony plots. j) No documentary evidence was collected or based. k) He explained general method used for collecting income tax enquiries, identity is not disclosed, as to get the true picture of the situation prevailing. l) I disguised myself as a prospective buyer for the properties in those colonies and enquired about the likely rate at which I could buy the property at that time of visit. m) From his statement it is apparent that the alleged rate Rs.6000 to Rs.7000 per sq. yd. existed on the date of his visit i.e. 2.3.2006. Such rate was not prevailing during the F. Y. 01.04.2002 to 31.03.2003. No cogent or worthy material or reliable, relatable or referable in the form of any documents which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ioner of Income Tax (Appeals) as also the Income Tax Appellate Tribunal were fully justified in not placing any reliance on the Inspector‟s report and by describing it only as an opinion without any material evidence to back the same. Consequently, the Tribunal was justified in adopting the only other values that were available to it and those were the circle rates of the two localities at the time of the sales of the said plots. Going by the circle rates, the Tribunal has concluded that no inference was called for in respect of the plot at Radhey Shyam Park, whereas, the value of the plot at Rajinder Nagar Industrial Area was to be re-calculated at the rate of Rs.2,500/- per sq. yd. 6. In these circumstances, we are of the opinion t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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