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TMI Blog2014 (2) TMI 435X X X X Extracts X X X X X X X X Extracts X X X X ..... of section 55A which is meant for other purpose - Decided against Revenue. Expenses on income from other sources 50% allowed – Held that:- The AO has brought out adequate reasons for disallowing of said expenditure – The AO has allowed the expenditure on an adhoc basis and has not met out the issues raised by the AO - The assessee has not shown what is the nature of the accounting charges nor the expenditure A/c nor the retaining fees - In the absence of any evidence in respect of the nature of the expenditure, the same cannot be allowed - the deletion of disallowance to the extent of @50% by the CIT(A) is erroneous and liable to be reversed – Decided in favour of Revenue. - ITA No.1025/Kol/2012, ITA No. 1026/Kol/2012 - - - Dated:- 7- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... V at Rs.19,07,733/- being 25% share of the assessee as on 1st April, 1981 relying on the submission of the assessee. (iii) On the facts and in the circumstances of the case, the ld.CIT(A) has erred by arbitrarily adopting the FMV at 19,07,733/- being 25% share of the assessee as on 1st April, 1981 relying on the report from a Registered Valuer furnished by the assessee disregarding the fact that assessment order u/s. 143(3) was passed on 26.11.2008 whereas the Registered Valuer report was obtained on 15.03.2010 which clearly substantiate the assessee's attempt to inflate the FMV as on 1st April, 1981 with a view to reduce the capital gains. (iv) On the facts and in the circumstances of the case, the ld.CIT(A) has erred by arbitrarily ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Valuer furnished by the assessee disregarding the fact that assessment order u/s. 143(3) was passed on 26.11.2008 whereas the Registered Valuer report was obtained on 15.03.2010 which clearly substantiate the assessee's attempt to inflate the FMV as on 1st April, 1981 with a view to reduce the capital gains. (iv) On the facts and in the circumstances of the case, the ld.CIT(A) has erred by arbitrarily adopting the FMV as on 1st April, 1981 relying on the report from a Registered Valuer instead of making a reference to the DVO, who is a competent authority disregarding the fact that the property was acquired by the assessee on 27th Feb. 1979 with book value of Rs.1,47,522/- being 25% share of the assessee whereas the Registered Valuer dete ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se issues were liable to be sustained. 8. We have considered the rival submissions. As it is noticed that the conditions prescribed in section 55A of the Act have not been complied with by the AO, the DVO's report cannot be considered. Consequently, in view of the decision of the Hon'ble Jurisdictional Calcutta High Court in the case of Umedbhai International P. Ltd (refer to supra), the finding of the ld.CIT(A) on this issue stands confirmed and does not call for any interference. We uphold the same. Ground nos.(i) to (iv) of both the revenue's appeals stand dismissed. 9. In regard to ground no. (v) of both the revenue's appeal, it was the submission by the learned JCIT/Sr.DR that in the course of assessment the AO had disallowed the e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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