9911796707
TMI Blog2012 (8) TMI 1022X X X X Extracts X X X X X X X X Extracts X X X X ..... RAYANAN, VICE PRESIDENT This appeal is filed by the Revenue. The relevant assessment year is 2008-09. The appeal is directed against the order of the Commissioner of Income-tax(Appeals)-III, at Chennai dated 12.01.2012 and arises out of the assessment completed under sec.143(3) of the Income-tax Act, 1961. 2. When the matter was called on for hearing, nobody was present for the respondent-asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted the lower market price. In this circumstance, we do not find any reason to treat this issue as different from valuation of stock-in-trade. When the issue is rightly considered as a valuation of stock-in-trade, we find that there is no reason to make any such disallowance or addition. The order of the Commissioner of Income-tax(Appeals) on this point is upheld. 4. The second issue raised by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me. On this ground, the assessing authority made an addition of ₹ 7,09,15,440/-. In first appeal, the Commissioner of Income-tax(Appeals) directed the Assessing Officer to adopt the fair market value at ₹ 50/- per sq. ft. as against ₹ 5/- adopted by the assessing authority. 6. This issue has been considered by the Commissioner of Income-tax(Appeals) in a very detailed manner. It ..... X X X X Extracts X X X X X X X X Extracts X X X X
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