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TMI Blog2018 (9) TMI 1457X X X X Extracts X X X X X X X X Extracts X X X X ..... s Tribunal equally, we find it difficult to hold that the impugned order is either illegal or regular. By no stretch of imagination could it be said that such findings of the Ld. CIT(A) are perverse or liable to be set-aside. We, therefore, do not find any merits in this appeal and the appeal is liable to be dismissed. Appeal is accordingly dismissed. - ITA No.4924/Del/2015 - - - Dated:- 1-8-2018 - Shri. N. K. Saini, Accountant Member And Shri K. Narasimha Chary, Judicial Member For the Appellant : Shri S.S. Rana, CIT DR For the Respondent : S/Shri Ved Jain Ashish Chadha, CAs ORDER PER K. NARASIMHA CHARY, JM This is an appeal by the Revenue challenging the order dated 07/05/2015 in Appeal No. 150/2012-13 passe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the hands of the assessee by taking ₹ 5,39,77,238/- as the sale consideration instead of ₹ 1,00,00,000/-. 3. Assessee preferred appeal against this addition and the Ld. CIT(A), while noticing the decision of the Hon ble jurisdictional High Court in CIT vs. Mahesh Kumar 196 Taxman 415 (Del) which was rendered following the decision of the Hon ble Apex Court in KP Verghese vs. ITO 131 ITR 597, held that the addition on the basis of valuation report of DVO was not justified and consequently deleted the addition of ₹ 4,39,77,238/- based on valuation report of DVO. 4. Challenging the impugned order assessee preferred this appeal before us stating that the four sale instances of the entire property which was sold in par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and CIT vs. M/s. Gujarat Nre Coke Ltd ITA No. 193/2013 dated 06/03/2014 (Calcutta High Court) for the principle that under section 48 of the Income Tax Act, tax chargeable under the head capital gains has to be computed taking into consideration the full value received or accrued, and any other valuation is not permissible under section 48; and when the legislature wanted to make a departure a specific provision was introduced. In this respect, the Hon ble Court made reference to section 50C of the Act. 6. We have gone through the record in the light of the submissions made on either side. Ld. CIT(A) made an elaborate discussion on the issue of capital gains and in the light of the judgement of the Hon ble jurisdictional High Court in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lhi), that no addition can be made merely on the basis of valuation report and fair market value cannot be substituted for actual consideration received. 9. In these circumstances, learned Commissioner of Income Tax (Appeals) rightly followed the binding precedents. Inasmuch as the Ld. CIT(A) basis is a decision on the binding precedent, which binds this Tribunal equally, we find it difficult to hold that the impugned order is either illegal or regular. By no stretch of imagination could it be said that such findings of the Ld. CIT(A) are perverse or liable to be set-aside. We, therefore, do not find any merits in this appeal and the appeal is liable to be dismissed. Appeal is accordingly dismissed. 10. In the result, appeal of the re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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