9911796707
TMI Blog2018 (4) TMI 1265X X X X Extracts X X X X X X X X Extracts X X X X ..... 4th February, 2015. 2. The only issue in this appeal of the assessee is against the revision order of Principal CIT-2, Nagpur passed u/s 263 of the Act revising the assessment in relation to long term capital gain valuing the property as on 1.4.1981 and also regarding disallowance of dalali expenses. For this, the assessee has raised following six grounds :- "1. The notice issued u/s 263 and the order passed u/s 263 are illegal as the same are not in conformity to the basic requirements of section 263. 2. Without prejudice to above, the notice and proceedings u/s 263 are invalid as the order passed by AO u/s 143(3) r.w.s. 147 was neither erroneous nor prejudicial to the interest of revenue. 3. The ld.AO having examined the claim of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed u/s 263 on the ground of insufficient enquiry relating to allowance of Rs. 3,40,000/-." 3. Briefly stated, facts are that the assessee along with two other co-owners sold an immovable property situated at Plot No.2/3, Municipal No.192, Block No.11, Jagannath Ward, Hinganghat, District Wardha, known as Shriram Talkies. Admittedly, this property was acquired by the assessee along with other co-owners before 1981. The assessee has 59% share in the above sold property. Assessee during the course of assessment proceedings filed valuation report from the registered valuer N.V. Tiwaskar dated 6th November, 2008 estimating the value of the property as on 1.4.1981 at Rs. 23.62 lakhs. The assessee further claimed that he has incurred an amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Officer to revise the assessment accordingly. Aggrieved, now assessee is in appeal before the Tribunal. 5. We have heard rival contentions and gone through the facts and circumstances of the case. Admitted facts are that the assessee along with other co-owners sold an immovable property for a total consideration of Rs. 1.70 crores. Admittedly, the assessee became owner of the said property before 1981. Admitted facts are that the registered valuer's report determining the fair market value of the property as on 1.4.1981, which is determined at Rs. 23.62 lakhs was filed before him. Admittedly, the assessee incurred an amount of Rs. 3.40 lakhs towards expenses on sale of this property i.e., dalali expenses and assessee, in regard to abov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aim, rather the Assessing Officer has taken the cost of improvement at Rs. 15,11,000/- in the year 1998-99 as supported by the valuation report of the registered valuer. With respect to grant of indexed cost of improvement, considering the amount of Rs. 15,11,000/- pertaining to construction of shops in 1998-99, the Assessing Officer himself has recorded this fact in the assessment record and the relevant computation we have already reproduced above. With respect to the amount of Rs. 3.40 lakhs towards expenses on transfer i.e., dalali expenses, Assessing Officer has allowed the said claim after going through the documents and after being satisfied about the claim. In such circumstances, we are of the view that the assessee's issue is squar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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