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TMI Blog2013 (1) TMI 879X X X X Extracts X X X X X X X X Extracts X X X X ..... f land sold on the basis of value taken by assessee and ignoring the fact that the land was actually not situated in the Harijan Basti. ii) The order of the Ld. Commissioner of Income Tax (A) is set aside and that of Assessing Officer be restored. 3. In this case during the course of assessment proceedings, it was gathered by the A.O. that during the year under consideration there was no other income except from sale of plots of land. The assessee after plotting the land, sold 27 plots. From the details of sale deeds executed for A.Y.2007-08 it was gathered by the A.O. that the assessee was having half share in land measuring 6868.56 Sq. Mt. or say 8211.4 Sq. Yds. During the course of assessment proceeding the A.O. required ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ustify the claimed rate of cost of acquisition at ₹ 150/-. The A.O. after considering all the facts and circumstances of the case worked out capital gain taking cost of acquisition as on 01-04-1981 at ₹ 35/- per Sq. Yd. which resulted in addition of ₹ 53,87,515/- to the income of the assessee. 4. Upon assessee s appeal Ld. Commissioner of Income Tax (A) considered the submissions. Ld. Commissioner of Income Tax (A) noted that the Assessing Officer on the basis of the Report of Income Tax Inspector that Mohalla Panasariyan was adjacent to Harijan Basti, Shamli and also as per the details of circle rate furnished by ADM(Finance), Muzaffarnagar applied circle rate of ` 35/- to determine cost of acquisition as on 1.4.1981 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... belong to the Schedule Caste. (iii) If the other co-owner Sh. Chandraveer Singh had adopted circ e rate at ₹ 35/- per Sq. Yd. as on 01-04-1981 it is for him to explain under what circumstances the said rate was applied and the same cannot be made the basis of working out long term capital gain in the appellant's case. (iv) As per circle rate fixed by State Government for Stamp duty purposes the area falling from Vijay Cinema to Kisan Degree College is at RS. 250/- per Sq. Yd. The appellant has adopted rate of ₹ 150/-per Sq. Yd. which is in any, case is held nominal and reasonable. (v) The appellant has filed a copy of sale deed dated 24-12-1981 In the case of Sh. Shyam Lal selling his property at Mohall ..... X X X X Extracts X X X X X X X X Extracts X X X X
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