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TMI Blog2014 (6) TMI 10X X X X Extracts X X X X X X X X Extracts X X X X ..... . 125 to 200/- per sq yard for new location and Rs. 175 to Rs.275/- per sq yard for old location - the assessee has adopted rate of Rs.135/- per sq yard - a copy of notification was already produced by the assessee before the AO who refused to accept it because it was not signed by ADM(Finance) - the assessee has obtained the certified copy of the notification under the Right to Information Act - Considering the circle rate fixed by ADM (Finance) for the purpose of levy of stamp duty on sale of land in that area, the fair market value of land adopted by CIT(A) at Rs.135/- per sq. yard cannot be said to be excessive or unreasonable – thus, there is no justification to interfere with the order of the CIT(A) – Decided against Revenue. - I.T.A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the fact that the value of land sold by the assessee as per the sale deed is Rs.18,00,000/- per hectare and average cost of this land as on 01.04.1981 as per the assessee was Rs.16,77,844/- per hectare which means that there is very small increase in the value of in about 26 years. Whether the CIT(A) can ignore the facts that as per the sale deed of land of Shri Nawab Ali in the same village the average market value of the land in the year 1981 was Rs. 22/- per square yard whereas the assessee has adopted the market value at Rs. 135/- per square yard. 5. is it possible that in spite of the difference in the situation of land in the same village, the value of one piece of land is Rs22/- per square yard and the value of another piece of la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er sq. yard. ii) The AO ignored, besides the order of the higher authorities on the issue, the following glaring facts: a. The letter of the ADM (Finance) stated to be illegible is quite decipherable which declares circle rate of Rs.175 to Rs. 275/- per square yard for old locations (purani abadi) and Rs.125 to Rs.2001- per sq. yard for new locations (new abadi). b. It was on the basis of the same order of the ADM (Finance) that Hon'ble ITAT, New Delhi in the case of Seth Sabamal Trust had ordered for adoption of FMV @ Rs.175 per square yard in Village Nagla Tashi, Kankerkhera and Delhi Road. The Hon'ble Supreme Court has also ordered a rate of Rs.175/- per square yard for land situated at Village Quassimpur, Nagla Tashi. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... @ Rs.135/- per square yard as shown by the appellant. The ground is allowed. 3. We have heard both the parties and perused the material placed before us. After considering the facts of the facts and arguments of both the sides, we entirely agree with the findings of the CIT(A). He has noted that the circle rate of the land in the area was Rs.125 to Rs.200/- per sq yard for new location and Rs.175to Rs.275/- per sq yard for old location. He also noted that the above land rate was adopted by the ITAT in the case of Seth Sabamal Trust. From the perusal of the assessment order, we find that the Assessing Officer did not accept the circle rate on the ground that the order of the ADM(Finance) furnished by the assessee is without signature an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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