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TMI Blog2013 (8) TMI 625X X X X Extracts X X X X X X X X Extracts X X X X ..... roved valuer Mr. Sonal Shah and Mr. Rahesh Shah for the purpose of calculation Capital Gain on ale of Land & building at Rs. 2,50,00,000/-, and confirm the value of Rs. 32,34,295/- i.e. W.D.V. as stood as on 01.04.2007. 1.1 The Learned CIT(A) failed to appreciate the facts that valuation report was incorporated in the agreement registered on 7th march 2008 on page no 7 wherein it is mentioned that the Sonal Shah, Rajesh Shah Government approved valuers has issued certificate dated 05.03.2008 in respect of factory building and estimated the market value of the said factory at Rs. 1,00,00,000/-. 1.2 The Learned CIT(A) failed the appreciate the facts that the Sub Registrar has accepted the sale deed and registered the documents in favour of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere WDV was Rs. 32,34,295/-, in the books of the assessee. The assessee also got its valuation done through government approved valuer, who valued the transaction at Rs. 1.00 crore on estimated basis, as per his report dated 05.03.2008. The sale consideration, as entered into by the assessee was accepted by the sub registrar and duty was also paid thereon. The assessee submitted before the AO that the value as estimated by the govt. approved valuer should be taken for the purposes of valuation of capital gains. 3. The AO, rejected the report and took the total consideration at Rs. 2.50 crores and reduced therefrom the WDV and took the residue to be the LTCG and after indexation, arrived at the final figure of LTCG at Rs. 1,98,33,719/-. 4. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . We, therefore, feel, that in the interest of justice, the issue of valuation of property be restored to the file of the AO. 9. We, therefore, set aside the order of the CIT(A) on this issue and restore the issue to the file of the AO, who shall examine the issue afresh, as per law. 10. Ground no. 2 pertains to disallowance u/s 14A. 11. The facts are that the assessee has received Rs. 2,93,88,575/- in dividend and has claimed interest at Rs. 1,42,560/-. 12. As per the AO, the assessee had total investments of Rs. 13,40,72,899/- in shares and mutual funds. 13. In the assessment proceedings, the assessee contended that the assessee has not incurred any expenditure to earn the exempt incomes. However, it submitted a working of the disall ..... X X X X Extracts X X X X X X X X Extracts X X X X
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