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TMI Blog2018 (5) TMI 1270X X X X Extracts X X X X X X X X Extracts X X X X ..... lands of the assessee were situated abutting on a highway. The assessee therefore had been contending that it had greater potential and therefore market value. We have no data on the situation of the land, sale of which was referred to by the Assessing Officer. While adopting valuation of immovable properties, several factors need to be kept in mind. Situational advantages and disadvantages are important factors. We do not even know how far the two pieces of lands i.e. assessee's land and the nearby land with which the Assessing Officer carried out the comparison. All in all, it is a pure question of fact. Tax Appeal is dismissed. - R/Tax Appeal No. 354 of 2018 - - - Dated:- 17-4-2018 - MR. AKIL KURESHI AND MR. B.N. KARIA, JJ. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ale of land in some other village which sale took place in the year 1981. On the basis of such material, he issued show cause notice to the assessee proposing to assess the fair market value of the land as on 1981 as per ₹ 10 per sq.mtr. After rejecting the assessee's objections, he confirmed such valuation. Commissioner of Income Tax (Appeals) confirmed his view, upon which, the issue reached the Tribunal. Tribunal by the impugned judgment, reversed the findings of the Revenue Authorities making following observations: In the present case though the AO has not specifically made reference to the DVO, but he called for information about sale instance in that area at the relevant point of time. We have perused the finding of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Tribunal, the assessee's lands were situated on BhiladNaroli road which connected NH8 and Silvassa city. Thus, the lands of the assessee were situated abutting on a highway. The assessee therefore had been contending that it had greater potential and therefore market value. We have no data on the situation of the land, sale of which was referred to by the Assessing Officer. While adopting valuation of immovable properties, several factors need to be kept in mind. Situational advantages and disadvantages are important factors. We do not even know how far the two pieces of lands i.e. assessee's land and the nearby land with which the Assessing Officer carried out the comparison. All in all, it is a pure question of fact. Tax Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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