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TMI Blog2013 (12) TMI 544X X X X Extracts X X X X X X X X Extracts X X X X ..... s error in relying on an inadmissible evidence and in not taking into consideration the undisputed facts as well as the memo of calculation filed by the assessee, which is more proper - Decided in favour of assessee. - Income Tax Appeal No. 391 of 2007 - - - Dated:- 25-11-2013 - N Kumar And Rathnakala, JJ. For the Appellant : Sri. A. Shankar Sri M. Lava, Adv For the Respondent : Sri E I Sanmathi, Adv JUDGEMENT:- PER: N Kumar, J This appeal is filed by the assessee, challenging the order passed by the Tribunal, which has confirmed the valuation adopted by the Assessing Officer as well as the Appellate Authority in calculating the capital gains. 2. The assessee purchased land and building consisting of two shops and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peal. The Appellate Authority dismissed the appeal on the ground that, the assessee has failed to discharge the onus cast on her. Aggrieved by the said order, the assessee preferred an appeal to the Tribunal. The Tribunal proceeded on the basis that the assessee showed the value of the property as on 31.3.1992 at Rs.136/- per sq.ft. After lapse of eight years, the assessee is saying that the value of the property as on 1.4.1981 was Rs.167/- per sq.ft. It is true that though the guideline value for registration may not be adopted as conclusive evidence for ascertaining the value of the property, the value of the property written by the assessee in wealth tax for the assessment year 1992-93 could be taken into consideration and therefore, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le. A reading of the aforesaid definition clause makes it clear that fair market value is the price that the capital asset would ordinarily fetch on sale in the open market on the relevant date. Therefore, for levying capital gain tax under the Act for the purpose of computing the capital gain tax, the fair market value, which is to be taken into consideration, is the price the property would fetch on sale in the open market on the relevant date. The material on record discloses the guideline value as on 1.4.1981 in respect of the property in dispute would work out to Rs.110/- per sq.ft. The assessee was assessed to wealth tax in respect of the aforesaid property. The material produced by her shows the property was valued at Rs.2,25,000/- a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sub-Registrar s office about the guideline value, the Assessing Officer himself could have referred the matter to a valuator to get the valuation done under Section 53-A of the Act, which he has not resorted to . The assessee has filed a valuation memo. It is in this memo, she has given the valuation of the property at Rs.2,25,000/- as on 31.3.1992 under the Wealth Tax Act. As stated earlier, that cannot be the basis. 7. One other aspect, which the authorities have failed to notice is, where the property is situated and its location. From the address given above, it is clear that the property is situated in the heart of Bangalore city, in a prime commercial locality where the value of the property has multiplied automatically over the ye ..... X X X X Extracts X X X X X X X X Extracts X X X X
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