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TMI Blog2018 (12) TMI 1079X X X X Extracts X X X X X X X X Extracts X X X X ..... aluation and dismissing the appeal filed by the Revenue? - Held that:- The estimation was found to be just and proper. The Court can take judicial note of the fact that during the relevant time, that is, during 1980-81, the guideline value fixed by the Sub-Registrar was based upon the last sale transaction, which took place in the area . Thus, for several years, if the sale transactions were done ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome-tax Act, 1961, is directed against the order of the Income-tax Appellate Tribunal Bench 'C' Chennai, (for brevity the Tribunal ) dated 14.08.2008, in I.T.A.No.61/Mds/2008 for the assessment year 2004- 05. 2. The above appeal has been admitted, on 15.04.2009, on the following substantial questions of law:- (i) Whether on the facts and in the circumstances of the case, the Appel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Income Tax (Appeals)-V (for brevity the CIT(A) ) in his order dated 20.09.2007, was proper; and whether the Tribunal was right in not interfering with the said valuation and dismissing the appeal filed by the Revenue. 4. We have perused the order passed by the CIT (A), who has taken note of the prevailing guideline value, which was adopted as yardstick by the Assessing Officer, took note o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e transactions were done at a particular limit, then the guideline value remained static. It is only thereafter, the Government took a decision to revise the guideline value on a yearly basis with effect from 1st April of every month. 6. Thus, considering the factual position, we are of the view that no substantial question of law arises for consideration in the instant case, as it pertains to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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