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TMI Blog2017 (3) TMI 1526X X X X Extracts X X X X X X X X Extracts X X X X ..... red the present Tax Appeal with the following proposed questions of law; (A) Whether on the facts and circumstances of the case, the ITAT was right in holding in directing AO to re-compute the capital gain by adopting the cost of acquisition of the property at Rs. 980/- per sq meter? (B) Whether on the facts and circumstances of the case, the ITAT was right in holding that in our considered view, it is incumbent upon the AO to call for report from DVO for ascertaining the fair market value of the asset, in the event, if he is not satisfied about the claim of the assessee, without considering the decision of Hon'ble Gujarat High Court in the case of Commissioner of Income-tax Vs. Gauranginiben S. Shodhan (Indl.), without appreciating that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e circumstances of the case, the tribunal was right in law in disallowance made under Section 14A r.w.r. 8D of the Act, without appreciating the fact that the expenses which are relatable to earning of exempt income have to be considered for disallowance, irrespective of the fact whether any such income has been earned during the financial year or not? 2. The present Tax Appeal is ADMITTED to consider the following questions of law; (A) Whether on the facts and circumstances of the case, the ITAT was right in holding in directing AO to re-compute the capital gain by adopting the cost of acquisition of the property at Rs. 980/- per sq meter? (B) Whether on the facts and circumstances of the case, the ITAT was right in holding that in ou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in question", without appreciating that the AO estimated value of the land as on 01/04/1981 on the basis of information collected from Sub Registrar and other factual information and parameters and the AO in the assessment order recorded comparable instances of the value of property as on 01/04/1981 in the assessment order? 3. Now so far as the proposed question no.(F) reproduced hereinabove is concerned, the learned tribunal has relied upon the decision of the Division Bench of this Court in the case of Commissioner of Income-tax Vs. Corrtech Energy P. Ltd. reported in [2015] 372 ITR 97 (Guj.). Considering the fact that there was no claim of the assessee for exemption of income for payment of tax, and therefore, relying upon the decisi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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