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TMI Blog2016 (3) TMI 1061X X X X Extracts X X X X X X X X Extracts X X X X ..... sition for the purposes of determining the capital gain in the hands of the assessee. As admittedly assessee has not exercised this option, in the interest of justice one more opportunity is given to assessee to submit before AO the fair market value of the assets as at 1-4-1981 by submitting the valuation report of the property from authorized valuer not later than four months from the date of receipt of this order. After that AO may act according to the provision of section 55A of the Income tax Act and decide the issue on merits. In view of this ground no 1 of the appeal is set aside to the file of AO with above direction to consider the valuation report, if any, submitted by the assessee in above time frame. - Decided in favour of asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rcle rate was ₹ 100/- to 150/- persq. yd, and other rate quoted by the A.O. are not relevant, because all the area quoted by the A.O. is more than 15 Km away from the assessee's land. Hence, the assessee's claim 125/-persq. yd. is quite justified. 2. That Ld. A.O. as well as Ld. CIT(A) is in error that rebate U/s 54B is not available to the assessee, when assessee purchased agriculture land in the name of his wife and payment was made by the assessee's bank account and Ld. CIT(A) ignored the bank account and sale deed already filed before the CIT(A) in paper-book.. 02. Ground No 1 of the appeal is against adoption of fair market value as at 1-4-1981 of the property sold by the assessee. Brief facts of the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r sq yard is taken by authorized valuer. He also submitted that the AO does not have any power to estimate the fair market value as at 01.04.1981 therefore he requested that the AO may be directed to take fair market value by adopting rate of ₹ 150/- per square yard as claimed by the assessee. 03. In response to this the ld DR relied on the orders of the learned Commissioner of Income-tax (Appeals). 04. We have carefully considered the rival contention. For the purpose of working out capital gains on sale of capital assets, assessee is granted deduction of cost of acquisition of that capital assets from the sale consideration. According to section 55 of the Income tax Act cost of acquisition where the capital asset became the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the assessee to substantiate fair market value of the property by submitting the valuation report obtained from authorized valuer. If the assessee does not exercise this option than AO does not have any option but to adopt the cost of acquisition for the purposes of determining the capital gain in the hands of the assessee. As admittedly assessee has not exercised this option, in the interest of justice one more opportunity is given to assessee to submit before AO the fair market value of the assets as at 1-4-1981 by submitting the valuation report of the property from authorized valuer not later than four months from the date of receipt of this order. After that AO may act according to the provision of section 55A of the Income tax Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he issue is squarely covered by the decision of Hon ble Delhi High Court in the case of CIT Vs. Kamal Wahal 30 Taxmann.com 34 (Delhi). Regarding the issue of investments of funds by the assessee he submitted the copy of the bank statement of the assessee with Punjab National Bank. He submitted that cheque no stated in the bank account of the assessee are same as mentioned in the purchase deed of the land, hence the sources of the funds for purchase of agricultural land in the name of the wife of the assessee has come from the bank account of the assessee. Hence he submitted that assessee is eligible for deduction. 07. The ld DR relied on the order of lower authorities. 08. We have carefully considered the rival contention and found th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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