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TMI Blog2016 (4) TMI 1114X X X X Extracts X X X X X X X X Extracts X X X X ..... A) has taken into account all these aspects and passed proper order. Therefore, the appeals of the Revenue do not survive. - Decided in favour of assessee - W.T.A .No. 13, 14, 15/DEL/2014 - - - Dated:- 26-4-2016 - Shri G. D. Agrawal, Vice President And Smt Suchitra Kamble, Judicial Member For the Appellant : Sh. P. Dam Kanunjna, SR. DR For the Respondent : Sh. R. S. Singhvi, CA ORDER Per Suchitra Kamble JM These appeals are filed by the Department against the order dated 16/04/2010 passed by CIT(A) IX, New Delhi. 2. The grounds of appeal are as follows: 1. Whether on the facts and circumstances of the case in law, the CIT(A) erred in holding that the basis of valuation considered by the A.O is found to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lopment by API and the total cost of the project as well as sale proceed were accounted for in the books of API as duly certified. The assessee further submitted before the Assessing Officer that these projects were already sold by the developer company and there was no stock of land available with the company. However, inadvertently entry of transfer of value of such lands was not made in the accounts of the company. The assessee company was not empowered to sell or transfer or deal with any part of the land acquired by API in the name of the assessee company. The assessee company was entitled for service charges of ₹ 20000/- per acre towards land sold by API which have been duly recorded as income by the assessee company. Hence, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Instead the Assessing Officer applied circle rates for residential land applicable for Assessment Year 2010-11. However, in applying the circle rate as the basis of valuation the A.O ignored the restrictions and its additions attached to the asset as held by higher courts. The CIT(A) further held that the circle rate is applicable only when the asset is saleable at the open market. In this case, as per the agreement, the assessee cannot sale the land other than to API for these restrictions is consider the valuation of land can be made at the best at the rate of ₹ 20,000/- per acre. In view of this, the basis of valuation considered by A.O was found to be unjustifiable by the CIT(A) and not supported by factual finding. 5. The Ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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