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TMI Blog2019 (3) TMI 1139X X X X Extracts X X X X X X X X Extracts X X X X ..... Late Mr.Muthiah, on 04.06.1992 and sold away such books to the University of Chicago, USA. In the absence of cost of acquisition as on 01.04.1981 having been established by the Assessees, the authorities were naturally unable to give the benefit of indexation of cost in the present facts. Therefore, such findings of facts on the basis of estimate nonetheless remain as findings of facts only and do not give rise to any substantial question of law requiring interference under Section 260A of the Act. Therefore, we do not find any substance in the present appeals filed by the Assessee - Questions of law framed above are answered against the Assessee and in favour of Revenue. - T.C. Nos.735 to 737 of 2009 - - - Dated:- 7-3-2019 - Dr. Just ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... below for ready reference: (i) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in law in not appreciating that the market value of the library materials that were available as on 01.04.1981 has to be estimated and thereafter indexation as provided u/s. 48 had to be allowed on such market value, while computing the capital gains on sale of library containing antique materials ? (ii) Whether on the facts and in the circumstances of the case, when most of the library materials were acquired well before 01.04.1981, the Appellate Tribunal was right in holding that cost was estimated as on the date of sale and therefore the benefit provided u/s.48 of the Income Tax Act, should be de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ence, he fixed the cost of acquisition as on the date of sale at 30% of the sale value and determined capital gain. He observed that all the benefits as provided under sec.48 of the Act had been deemed to have been allowed as he has considered 30% of the sale prices as cosst of acquisition as on the date of sale. Aggrieved, all these Assessees went in appeal before the CIT (Appeals). 5.Even before the CIT (Appeals), the Assessees have not produced any specific material to show the cost of acquisition of these capital assets as on 01.4.81 and they have not also maintained any accounts or any other material to determine the cost of acquisition as on 01.4.81. Hence, the CIT (Appeals) has estimated the cost of acquisition as the date of sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the same to the extent of 40% of the sale value as cost of acquisition as on the date of sale. Once 40% sale value is taken as the cost of acquisition as on the date of sale, there is no question of applying the cost of index to this value. Therefore, he strongly supported the order of the CIT (Appeals). 8. We have heard the rival submissions and perused the material on record. Admittedly, the Assessess have not produced any record to show that the cost of acquisition of the assets as on 01.4.81. The value fixed by the Assessees as on 01.04.81 is only on estimation basis. Hence, the authorities below have rejected this valuation and fixed the value of cost of acquisition of these assets on the date of sale and not as on 01.04.81. Wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the facts and circumstances of the case some element of estimate was unavoidable. In the appellate jurisdiction the court normally does not interfere by substituting its own estimate in place of that of the lower authorities unless it is shown that the estimate of the lower authorities could not possibly be reached. It is worthwhile to mention that the SLP filed by the Assessee against the above judgment of the P H Court was duly dismissed by the Hon'ble Supreme Court. In the above circumstances, we find no infirmity in the order of the (CIT Appeals) and the same is accordingly confirmed. The ground taken by the Assessee is rejected. 6.Having heard the learned counsel for the Appellants Assessees and upon perusal of the ord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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