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TMI Blog2014 (11) TMI 1157X X X X Extracts X X X X X X X X Extracts X X X X ..... arriving at the ALV of the properties. Accordingly, the grounds raised by the Revenue are dismissed. - I.T.A. No. 2118/M/2012 - - - Dated:- 26-11-2014 - D. Karunakara Rao (Accountant Member) And Sanjay Garg (Judicial Member) For the Appellant : Asghar Zain For the Respondent : Vijay Mehta ORDER D. Karunakara Rao (Accountant Member) This appeal filed by the Reven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ead Properties (P) Ltd. 46 SOT 208 2. Tivoli Investment and Trading company Pvt Ltd vs. ACIT 130 ITD 521 3. ITO vs. Hansa motor works 46 SOT 160 2. Whether on the facts and in the circumstances of the case and in law, the Ld CIT (A) was justified in holding that the determination of ALV of House property of ₹ 1,65,51,632/- (3,94,508 + 1,61,57,124) jis not correct and same c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... should reflect correct ALV. Accordingly, he quantified the ALVs and the cumulative ALV of the properties was taken at ₹ 1,65,51,632/- (Galas ALV is ₹ 3,94,508/- and ₹ 1,61,57,124/- is the ALV of other properties). Otherwise, assessee s computation in this regard worked out at ₹ 94,181/- ie., Galas rateable value is ₹ 5,880/- and other properties is ₹ 88,301/-. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed on various decisions to state that the ALV as determined by the Municipal Authorities is only one of the factors and same can be ignored if it does not reflect the true ALV. Ld DR relied on the order of the AO. 6. On the other hand, Ld Counsel for the asssessee heavily relied on the order of the CIT(A) and reiterated the submissions made before the lower authorities. 7. We have heard both ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng of the CIT (A) is an Order and it does not call for any interference on this issue. In any case, the percentage of investment in the impugned properties is no basis for arriving at the ALV of the properties. Accordingly, the grounds raised by the Revenue are dismissed. 8. In the result, appeal of the Revenue is dismissed. Order pronounced in the open court on 26th November, 2014. - - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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