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TMI Blog2019 (7) TMI 1442X X X X Extracts X X X X X X X X Extracts X X X X ..... ge by the assessee that too before the CIT(A) for the first time. Assessee himself has accepted before the Assessing Officer that the valuation of the property, as adopted by him, in the Wealth Tax Assessment may be taken into consideration. However, to the said extent the Assessing Officer did not grant relief. We find the reasons assigned by the Tribunal are perfectly legal and valid considering the factual position. However, valuation adopted by the assessee in the Wealth Tax Assessment was not adopted by the Assessing Officer and there has been a deduction even in that valuation. The reasonable approach would have been to adopt the valuation in the Wealth Tax Assessment, since the Tribunal holds that the assessee could not have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the capital asset/immovable property for assessment purposes in substituting the value shown for cost of acquisition being the fair market value as on 1.4.1981 based on a reasonable method as against the value adopted based on wealth tax return by the Respondent, wherein the value was shown as per the statutory prescription on valuation in terms of rule 1BB of the Wealth Tax Rules, 1957? and (ii) Whether the Appellate Tribunal is correct in Law in sustaining the fair market value as on 1.4.1981 being the cost of acquisition for arriving at the assessable capital gains by overlooking the distinction based on the purpose of levy of wealth tax as against the purpose of imposing tax on Long Term Capital Gains? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment. The CIT(A) took note of the notification issued by the Government of Puducherry in the year 2007, giving a heritage tag to the property in the area and accordingly, allowed the assessee's appeal. 5. The Revenue preferred an appeal before the Tribunal contending among other things that the CIT(A) misdirected itself in accepting the contentions of the assessee that property is a heritage property and publication of the building in the calendar of the Government of Puducherry will yield high sale price, which does not have any impact in determining the market value as on 01.04.1981. The stand taken by revenue was accepted and the appeal was allowed and the assessee is before us by way of this Ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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