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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 ..... r Nagar Industrial Area was to be re-calculated at the rate of Rs.2,500/- per sq. yd. No substantial question of law arises for consideration. - ITA 38/2013 - - - Dated:- 12-2-2013 - MR BADAR DURREZ AHMED AND MR R.V.EASWAR, JJ. For the Appellant : Mr Karan Khanna, Sr. Standing Counsel with Ms Asmita Kumar, Advocate. JUDGMENT BADAR DURREZ AHMED, J (ORAL) This appeal by the revenue is directed against the order dated 25.05.2012 passed by the Income Tax Appellate Tribunal (hereinafter referred to as Tribunal‟) in ITA No.4917/Del/2010 pertaining to the assessment year 2003-04. The only issue that was before the Tribunal was with regard to the correct valuation of two plots sold by the respondent/ assessee d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... computing the value of the plots at Radhey Shyam Park and Rajinder Nagar Industrial Area. As such the assessing officer confirmed his earlier determination of Rs.31,21,980/- in respect of land at Radhey Shyam Park and Rs.23,93,000/- in respect of land at Rajinder Nagar Industrial Area. The assessee preferred an appeal before the Commissioner of Income Tax (Appeals). The CIT (Appeals) held that the assessee was not justified in applying the rate of Rs.1,000/- sq. yd. and held that Rs.2,500/- per sq. yd. should be adopted for the land at Rajinder Nagar Industrial Area and Rs.2,900/- per sq. yd. should be adopted for the land at Radhey Shyam Park. 3. The revenue as well as the assessee filed appeals before the Tribunal being aggrieved by pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt aspects came into light which are narrated as under: a) Shri Dewan answered that he do not remember the exact facts as the matter is more than three years old. b) No written directions given to him. c) He was verbally asked to visit the area and make local enquiries as to the prevailing market rate for those properties. d) He could not point out the difference between the Radhey Shyam Park residential colony and Rajinder Nagar Industrial Estate area. e) He could not also point out the distance and location between two colonies. f) He made enquiries only from 2 to 3 persons. g) The visit was made on working day. h) Enquired from the male occupants of the colony present on that date. i) He could not answer whether rates ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s on the date of his visit, that is, on 02.03.2006, whereas the sales had taken place in the financial year ending 31.03.2003. He also stated that he had made inquiries from only 2-3 persons. It is obvious that when such statements are made in cross-examination, his report with regard to the rate of land being Rs.6,000/- per sq. yd. to Rs.7,000/- per sq. yd. in the two localities would not have much evidentiary value, if at all. He had specifically indicated in his cross-examination that he had inquired about the likely rate at which he could buy property at that time. Thus, even the rates indicated by him in his report, were not of financial year ending 2003-04 but, were of the date he visited, that is, 02.03.2006. Therefore, the Commi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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