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2012 (11) TMI 1098

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..... -1981 on the basis of the valuation officer's report, through reverse indexation method and consequently orders of the Commissioner (Appeals) and the Assessing Authority are set aside - Decided against the revenue.
GODA RAGHURAM AND M.S.RAMACHANDRA RAO, JJ. JUDGMENT Goda Raghuram, J. We find no merit in this appeal preferred by the Revenue under Section 260-A of the Income-tax Act, 1961 (fo .....

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..... The indexed cost of the land was worked out to ₹ 3,01,59,203/- and after deducting this from total sale consideration, the assessee offered to tax long term capital gains at ₹ 2,16,70,797/- by claiming an expenditure of ₹ 40,00,000/-, By the order of Assessment dated 31-12-2008, the Assessing Officer on coming to the conclusion (on the basis of a certificate obtained from the Su .....

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..... ived at; that the State Government had fixed the guidelines in 1976 which were not revised till 1995; and its guideline value/basic value register was not prepared scientifically. The Tribunal also followed its earlier decision in ACIT v. Sri Narasing Rao HUFin IT Appeal No. 1240/Hyd/2007 dated 26-9-2008 for concluding that it is prudent on the part of the lower authorities to estimate the fair ma .....

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..... l gain accordingly. 5. We find no perversity in the reasoning and the conclusion on facts recorded by the Tribunal, warranting interference under Section 260-A of the Act. The appeal is therefore dismissed after hearing the learned Standing counsel for the appellant Sri J.V. Prasad and Sri K. Vasanth Kumar, the learned counsel for the respondent-assessee who has appeared pursuant to the notice on .....

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