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TMI Blog2013 (2) TMI 604X X X X Extracts X X X X X X X X Extracts X X X X ..... egistrar is only a guideline value to ascertain the market value and may be one of the factors to be taken into consideration for estimating the fair market value, however, it cannot be the sole basis for fixing the fair market value as on 01-04-1981. As the taxpayers now claim that in the case of the neighbour the fair market value as on 01-04-1981 was fixed at Rs.2,300. Unfortunately, all these facts were not considered by the assessing authority therefore the assessing officer has to reconsider the issue in the light of all factors mentioned above and thereafter take a decision - in favour of assessee for statistical purposes. Exemption u/s 54, 54F and 54EC denied - as per AO the taxpayers have deposited the amount in the fixed depos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... value as on 01-04-1981 for the purpose of computation of capital gain. Shri T.M. Sreedharan, the ld. senior counsel for the taxpayers submitted that the taxpayers adopted the fair market value as on 01-04-1981 at Rs. 5,588 per cent. However, the assessing officer on the basis of the letter said to be received from Sub Registrar has fixed the fair market value at Rs.466 per cent. This was confirmed by the Commissioner of Income-tax(A). According to the ld. senior counsel in the case of one Shri C.R. Ravindran Nair, whose land was situated next to that of the taxpayers , the fair market value was adopted at Rs.2,300 per cent as on 01-04-1981. Therefore, the value fixed by the lower authorities at Rs.466 per cent is very low. 3. On the contr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ability to the infrastructure facilities, potentiality for future development, etc. Therefore, for the purpose of estimating the fair market value as on 01-04-1981 we have to take into consideration the locality in which the land is situated, the accessability to infrastructure facilities, comparative sale instances in the locality, potentiality for future development, distance between the land and the bus stand, railways station, airport, etc. The guideline value fixed by the Sub Registrar is only a guideline value to ascertain the market value. The guideline value fixed by the government to guide the Sub Registrar may be a basis for fixing the formal market value for collection of stamp duties. Therefore, though the guideline value fixed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deposit in State Bank of Travancore, Pettah Branch, Trivandrum. The amount was not deposited in the capital gain bond. The claim of the taxpayers before this Tribunal is that the money was intended to be deposited in the capital gain bond. However, the bank deposited the amount in the fixed deposit. We are unable to accept the claim of the taxpayers. The legislature has framed the scheme for the purpose of giving exemption from the capital gain tax by asking the taxpayer to deposit the amount in the capital gain bond scheme. Therefore, if the taxpayer wants to take benefit of the scheme the money has to be deposited in the capital gain bond. Deposit of money in the fixed deposit cannot be construed as deposit in the capital gain bond. If a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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