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TMI Blog2016 (6) TMI 553X X X X Extracts X X X X X X X X Extracts X X X X ..... igher valuation. In these circumstances, determining the land value at ₹ 2.23 per Sq. mtr. was found to be on lower side as assessee’s land as having more potential because of the advantages attached to it as discussed above. Therefore, taking into consideration that the Department had already accepted the value of the land of lesser advantages at ₹ 18/- sq. mtr. in vicinity and also considering the facts and circumstances, CIT(A) rightly estimated the value of the land at ₹ 25/- per sq. mtr. as against the value adopted by the Assessing Officer at ₹ 2.23/- per Sq. mtr. Accordingly, the Assessing Officer was directed to adopt the value of the land at ₹ 25/- per sq. mtr. and compute the long term capital gain. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es of natural justice and also without providing sufficient opportunity of being heard to the assessee. 2. Without prejudice, on the facts and in circumstances of the case, the CIT(A) erred in adopting the fair market value of the land sold by the assessee as on 1.4.1981 at ₹ 25 per sq. mtr. against ₹ 40 per sq. mtr. claimed by the assessee on the basis of report from a registered valuer furnished before the Assessing Officer. 3. Assessee had, during the year under consideration, sold agricultural land bearing Survey No. 46/1/3/1 admeasuring about 3 hectors and land bearing Survey No. 37 admeasuring about 6 hectors at Village near Rakholi on 19th May, 2006. The sales consideration received on account of such sales wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wn by the appellant as on 1.4.1981. (iii) That, vide letter dated 24.12.2009 the Sub-Registrar, Administration, Dadra and Nagar Haveli, Silvassa, had intimated that the prevailing rate at Rakholi Village as on 1.4.1981 was ₹ 2.23 per sq. mtr. (iv) That the appellant's brother had adopted ₹ 18 per sq. mtr. being fair market value as on 1.4.1981 for computing capital gain in respect of sale of agricultural land. (v) That, since no valuation report of a Registered Valuer had been filed the rate as indicated by the Sub- Registrar, Administration, Dadra and Nagar Haveli, Silvassa of ₹ 2.23 per sq. mtr. be considered as authentic and accordingly long term capital gain be re-computed. 3.2 Thus, Assessi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s that the rate of such land has been arrived at after taking into consideration the prevailing rate in the entire Village of Rakholi. Ld. counsel for the assessee disputed the content of the letter from the Revenue Department, D NH relied on by the Assessing Officer was not confronted to assessee. He submitted that a copy of the letter from the said Revenue Department dated 11.02.2010 which clarified that, the rate of such land had been arrived at after taking into consideration the prevailing rate in the entire Village of Rakholi. Officer of the Revenue Department had not visited the said site before replying the letter of assessing officer . In the interest of justice, a Remand Report was called from the Assessing Officer on the plea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... epted at all. (iii) The appellant has also taken the case of Shrikant K. Barve, for A.Y. 2006-07 as a comparable case wherein the department has accepted the value of land at ₹ 18/- per Sq. Mts. The AO contended that the land of Shrikant K. Barve, HUF was distinguishable. (iv) The appellant during the assessment proceedings vide his submissions dated 10.12.2009 had submitted that the office of concerned Revenue Officer had informed that no records were available with them and accordingly the land under consideration was considered for valuation @ ₹ 40/- per Sq. Mt. It is apparent that the appellant is trying to justify his valuation @ ₹ 40/-per Sq. Mt. However, it is also clear that the Assessing Officer has du ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Department had already accepted the value of the land of lesser advantages at ₹ 18/- sq. mtr. in vicinity and also considering the facts and circumstances, CIT(A) rightly estimated the value of the land at ₹ 25/- per sq. mtr. as against the value adopted by the Assessing Officer at ₹ 2.23/- per Sq. mtr. Accordingly, the Assessing Officer was directed to adopt the value of the land at ₹ 25/- per sq. mtr. and compute the long term capital gain. Thus, this reasoned finding of CIT(A) need no interference from our side. We uphold the same. In view of above, Revenue s appeal and assessee s C.O. both are dismissed. 7. In the result, the Revenue s appeal and assessee s C.O. both are dismissed. Pronounced in the open C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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