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TMI Blog2014 (5) TMI 778X X X X Extracts X X X X X X X X Extracts X X X X ..... deed was relating to 7 kanals 8 marlas of land of which the value was estimated by the Registrar for stamp duty purposes at Rs. 13,87,500/- whereas the AO had taken the land sold to be measuring 1 kanal only - The AO as well as the CIT had taken the land sold to be measuring 1 kanal instead of 7 kanals 8 marlas – the orders passed by the AO and the CIT cannot be legally sustained – this, the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... culturist. The dispute in this present case relates to the sale of land measuring 7 kanals 8 marlas by the petitioner, which was purchased by him on 21.7.1995. The cost of acquisition at the time of purchase of the said land was Rs. 2,10,000/-. The petitioner had also incurred expenses relating to earthwork and fencing etc. to the tune of Rs. 4,70,000/-. According to the petitioner, taking the ind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 17/- and, therefore, the proceedings should be finalised accordingly. The Assessing Officer vide order dated 30.12.2011, Annexure P.5 framed the assessment and calculated the taxable capital gain on Rs.13,34,842/- by taking the land sold to be 1 kanal only. After determining the tax at Rs.2,66,968/- and interest under Section 234-B of the Act to the tune of Rs.2,48,280/- and under Section 234-A of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecord. 5. Learned counsel for the petitioner submitted that the sale deed was relating to 7 kanals 8 marlas of land of which the value was estimated by the Registrar for stamp duty purposes at Rs. 13,87,500/- whereas the Assessing Officer had taken the land sold to be measuring 1 kanal only. 6. It was not disputed by the learned counsel for the revenue that the sale deed was for 7 kanals 8 marla ..... X X X X Extracts X X X X X X X X Extracts X X X X
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