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TMI Blog2016 (9) TMI 1181X X X X Extracts X X X X X X X X Extracts X X X X ..... . Assessing Officer to refer to the valuation officer. The Revenue is disputing the action of the ld. Commissioner of Income Tax (Appeals) in directing to valuation officer. The assessee claimed cost of acquisition as on 01.04.1981 based on the valuation report. The assessee has a option to adopt as per provisions of the Act which she has rightly followed. On combined reading of both provisions, the ld. Commissioner of Income Tax (Appeals) powers are co-terminus with the ld. Assessing Officer and within provisions of law on referring to the valuation officer. Hence, considering the provisions of law, material on record and judicial decisions, we are not inclined to interfere with the orders of the Commissioner of Income Tax (Appeals) who ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... admitting total income of @28,23,883/- and the Return of income was processed u/s.143(1) of the Act. Subsequently, the case was selected for scrutiny under CASS and notice u/s.143(2) of the Act was issued. The ld. Assessing Officer called for furnishing of details of Bank statements, tenancy agreement, corporation tax paid payment, investments made during the financial year and Books of account. In compliance to notice, the ld. Authorised Representative of assessee appeared from time to time and submitted the information. The ld. Assessing Officer found that the assessee has not admitted Long Term Capital Gains on sale of House property, but filed details of purchase and sale deed. The assessee has inherited 1/6 share of the property from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 43(3) of the Act dated 31.12.2010. Aggrieved by the order, the assessee filed an appeal before Commissioner of Income Tax (Appeals). 4. .In the appellate proceedings, the ld. Authorised Representative of assessee argued the grounds and explained that the action the ld. Assessing Officer is against the provisions of law. The assessee has adopted Fair Market Value of the property as on 01.04.1981 @80,000/- per ground instead of @8,50,000/- as per valuers report. Similarly, the ld. Assessing Officer further erred in considering the value of Building as Nil on 01.04.1981 instead of @17,40,328/- supported by the valuer report claimed by the assessee. The ld. Commissioner of Income Tax (Appeals) considered the arguments and findings of the ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te Government. Therefore, the action of the ld. Commissioner of Income Tax (Appeals) referring to the valuation officer is not appreciated. The assessee has adopted fair market value of land as on 01.04.1981 @8,50,000/- as against the Sub-Registrar value of @80,000/-. Similarly, the ld. Assessing Officer adopted the value of Building as Nil as against the value adopted by the assessee @17,40,328/- and prayed for set aside of the Commissioner of Income Tax (Appeals) order and allow the grounds of the Revenue. 6. Contra, the ld. Authorised Representative relied on the orders of Commissioner of Income Tax (Appeals) and submitted a copy of the valuation report relied in the assessment proceedings and vehemently opposed to the grounds. 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he material and other information produced by the assessee before, or the results of the inquiry held or evidence recorded by, the Settlement Commission, in the course of the proceeding before it and such other material as may be brought on his record, confirm, reduce, enhance or annul the assessment ; (b) in an appeal against an order imposing a penalty, he may confirm or cancel such order or vary it so as either to enhance or to reduce the penalty; (c) in any other case, he may pass such orders in the appeal as he thinks fit . and referring to the valuation officer, the ld.CIT(A) directions are within the provisions of law. The valuation officer has to ascertain the fair market value of capital asset and the provisions u ..... X X X X Extracts X X X X X X X X Extracts X X X X
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