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TMI Blog2017 (4) TMI 775X X X X Extracts X X X X X X X X Extracts X X X X ..... be said that the same is erroneous. The findings recorded by the learned CIT(A) confirmed by the learned tribunal are on appreciation of evidence. - TAX APPEAL NO. 223 of 2017 - - - Dated:- 10-4-2017 - MR. M.R. SHAH AND MR. B.N. KARIA, JJ. FOR THE APPELLANT : MR SUDHIR M MEHTA, ADVOCATE ORAL ORDER (PER : HONOURABLE MR.JUSTICE M.R. SHAH) 1.00. Feeling aggrieved and dissatisfied with the impugned judgement and order passed by the learned Income Tax Appellate Tribunal, Ahmedabad dated 31/5/2016 passed in ITA No.821/AHD/2011 for the A.Y. 2007-08, by which the learned tribunal has rejected the appeal preferred by the revenue in determining the fair market value as on 1/4/1981 at ₹ 25/- per sq.mtr., revenue has prefe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the purpose of calculation of the long term capital gain would be ₹ 40/- per sq.mtr., however, the same was not accepted by the A.O. and the A.O. considered and/or adopted market price as on 1/4/1981 at ₹ 2.23 per sq.mtr. On an appeal preferred by the assessee and considering the fact that in case of one another assessee i.e. Shri Shreekant K. Barve, HUF (brother of the assessee) the revenue accepted the valuation as on 1/4/1981 at ₹ 18/- per sq.mtr. with respect to the very village. However, considering the location and the vicinity in which the land in question was situated and other aspects, the learned CITA determined the market value as on 1/4/1981 at ₹ 25/- per sq.mtr. 3.01. Feeling aggrieved and dissatisf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t ₹ 18/- per sq.mtr. But in the appellant s case the value of the land adopted @2.23 per sq.mtr. is not justified. I have perused the copy of the survey map submitted before Mutation Entry No. Prima facie the appellant s land has locational advantage with regard to the roads, civic amenities like schools,hospitals, offices, markets, etc. Transportation in the form of auto-rickshaw and buses is available. Further, the land is on the main road and has its own potential. The land is in the vicinity of developed industrial area and since it is situated on the main road, it would always fetch higher valuation. In the circumstances, determining the land value at ₹ 2.23/- per sq.mtr. appears to be much less. The advantages stated above ..... X X X X Extracts X X X X X X X X Extracts X X X X
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