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TMI Blog2013 (4) TMI 42X X X X Extracts X X X X X X X X Extracts X X X X ..... erent registered valuers and also the assessment record pertaining to Dr. Nirmala Devi Ravindran who had also sold a property located in that area. Hence, on a conspectus of the matter, the CIT(A) has determined the value as on 01-04-1981 at Rs. 49,000/- by taking average of all available datas. Thus it can be fairly concluded that CIT(A) has taken a conscious decision after taking into consideration all the factors relating to the issue. AO has blindly placed reliance on the comparable cases collected from the Sub Registrar, without factoring in the price advantage commanded by the impugned property due to its strategic location. Thus no necessity to interfere with the decision taken by the CIT(A), as the principle of averaging generall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 for an average consideration of Rs.4770/- per cent. The Assessing Officer has observed that both the properties were located in the same locality as that of the property belonging to the assessee. Accordingly, the Assessing Officer proposed to adopt the value as on 01-04-1981 at Rs.15,000/- per cent and accordingly, computed the long term capital gain on sale of land. The Assessing Officer has observed that the then Authorised Representative of the assessee also agreed to the value of Rs. 15,000/- per cent. 4. In the appeal filed before the Ld. CIT(A), the assessee submitted that he has objected to the proposal of the assessing officer to adopt the value of Rs.15,000/- as on 1.4.1981 by filing a letter on 07-12-2009. It was also stated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... placing reliance on the decision of Hon'ble Supreme Court in the case of Jawajee Nagnatham Vs. RDO (1994 SCR (1) 368, 1994 SCC(4) 595), the ld Counsel submitted that the Basic Valuation Register maintained for the purposes of collecting stamp duty has no statutory base or force. Further, by placing reliance on the decision of Hon'ble Kerala High Court in the case of CIT Vs. Smt. Chandra Balakrishnan (2008)(9 DTR (ker) 177), the counsel submitted that the possibility of understating the consideration in the two cases referred by the Sub registrar cannot be ruled out. Accordingly, he submitted that the Ld CIT(A) has judiciously taken the average of all the relevant inputs relating to the valuation and hence prayed for upholding the order pass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e lands referred by the Sub-Registrar are located in the side roads of Belhaven Gardens. Before the Ld. CIT(A), the assessee has filed valuation reports given by two different registered valuers and also the assessment record pertaining to Dr. Nirmala Devi Ravindran who had also sold a property located in that area. Hence, on a conspectus of the matter, the Ld. CIT(A) has determined the value as on 01-04-1981 at Rs. 49,000/- by taking average of all available datas. The observations made by the Ld. CIT(A) in this regard are extracted below for the sake of convenience. "12. Hence the viable alternative remains only to average out the various valuations done by the lower authorities in this regard. Hence, the valuation is taken as mean of 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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