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TMI Blog2012 (8) TMI 1103X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the appellant requests for leave to add or amend or alter the grounds of appeal before the appeal is heard and disposed of. 3. The assessee in ITA No.560(Asr)/2011 has raised following grounds of appeal: 1. That the order of the Ld. CIT(A) Jalandhar is against law and facts of the case. 2. That the Ld. CIT(A) has erred in adopting land rate of property sold by the assessee as on 01/04/1981 at ₹ 4000/- per marla as against ₹ 8000/- adopted by the assessee. 3. That while doing so the Ld. CIT(A) has failed to appreciate the fact that the valuation adopted by the assessee was on the basis of report of the Approved Valuer which was further based on the sale instance. 4. The issues involved in both the appeals are common and the ld. first appellate authority has also passed one consolidated order in both the appeals. As the facts involved in both the appeals are identical, therefore, for the sake of convenience, we are also narrating the facts relating to the issues in both the cases, as under: (i) The assessee Sh. Ravi Kant Jain filed his return of income declaring net income of ₹ 1,68,830/- on 26.10.2006 and M/. Basant Metal works, fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s already been produced by the assessees in the assessment proceedings. The AO also deputed his Inspector Sh. Y.P.Bhambri for determining the fair market value of the property in question. He submitted his report by stating that he has visited the office of the Sub-Registrar, Jalandhar on 01.12.2008 and requested for sale and purchase rate of land situated at Hoshiarpur Road, Backside Reeru Cold Storage, Jalandhar, as on 01.04.1981 and the officials of the concerned branch pointed out that there were no circle rates as on 01.04.1981 and they supplied the books of registries made during the financial year 1981-82 which were a lot of numbers. The Inspector checked the books of the registry for the period 1.4.1981 to 31.03.1982 about 15 volumes and able to get only one registry number 67 dated 6.4.1981 for land measuring 2k-1m (41 marlas) sold for ₹ 28,000/- land situated in village Reeru, Hoshiarpur Road, Jalandhar., which is at the rate of ₹ 682/- per marla. The AO also received a report from the Tehsildar Jalandhar, regarding fair market value of land in that area for the year 1981. According to the report per marla rate in that area was ₹ 175- per marla. (iv) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... report, a copy of Regd. No.67 and copy of Regd. Deed dated 19.08.1981. He stated that the Ld. first appellate authority has wrongly adopted the land report of the property sold by the assessee as on 01.04.1981 at ₹ 4000 per marla in the case M/s. Basant Metal Works as against ₹ 8000/- per marla adopted by the assessee. He also stated that Sh. Ravi Kant Jain has not file any appeal against the order dated 26.09.2011 passed by the Ld. first appellate authority, who has estimated the fair market value of the property of the assessee as on 01.04.1981 at ₹ 6000/- per marla on account of long term capital gains. He relied upon the order passed by the Ld. CIT(A) in the case of Sh. Ravi Kant Jain but he strongly object the value adopted by the ld. CIT(A) in the case of M/s. Basant Metal Works at ₹ 4000/- per marla as against ₹ 8000/- adopted by the assessee. He also drew our attention towards the valuation report given by Sh. B.K.Singal, who is Architect/Govt. approved valuer. He further stated that the ld. CIT(A) relied upon the report of the Inspector, who has not expert on the subject and also filed one Registry No.67 dated 6.4.1981 land measuring 2k 1m (41 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessees are having commercial value as per report of the Govt. Approved Valuer, Sh. B.K. Singhal. No doubt, the Revenue has also produced one sale deed No.67 dated 6.4.1981 of the land measuring 2k 1m (41 M) sold for ₹ 28,000/- situated in village Reeru, Hoshiarpur Road, Jalandhar. The said land was sold by Sh. Ujjagar and purchased by Sh. Amrik Singh S/o Sh. Kishan Singh, Harbans Singh S/o Billa Singh and Sh. Kishan Singh S/o Sh. Sunder Singh at the rate of ₹ 682/- per marla. The Revenue has also produced a report of Tehsildar Jalandhar regarding fair market value of the land in the area of the assessee for the year 1981. According to the report of the Tehsildar, Jalandhar, the fair market value of the land of that area was ₹ 175/- per marla in 1981. No doubt, the report of the Inspector as well as Tehsildar Jalandhar was confronted to the assessee on 04.12.2009 and the assessees have filed their reply by stating that instance given by the Inspector as well as the Tehsildar, Jalandhar have no relevancy or comparison with the land sold by the assessee for the reason that the assessees and is a commercial property located on the main Hoshiarpur Road, Jal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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