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TMI Blog2018 (3) TMI 1838X X X X Extracts X X X X X X X X Extracts X X X X ..... the report of the Government Approved Valuer who estimated the value of the property as on 01.04.1981 as ₹ 1950/per sq. mtr. and ₹ 1550/per sq.mtr. for two parcels of land - AO had disputed such valuation and assessed the value at ₹ 250 per sq. mtr. - CIT(Appeals) enhanced valuation of the land to ₹ 550/per sq. mtr. - Tribunal adopted a mean of the assessed market value by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... X APPEAL NO. 279 of 2018 - - - Dated:- 28-3-2018 - HONOURABLE MR. JUSTICE AKIL KURESHI AND HONOURABLE MR. JUSTICE B.N. KARIA For the Appellant : MR.VARUN K.PATEL(3802) For the Respondent : MR B S SOPARKAR(6851) COMMON ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. These appeals arise in similar background involving the same ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nalty imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act, 1961, ('the Act' for short) which was partially confirmed by the Commissioner of Income Tax (Appeals) but deleted by the Tribunal. The principal quantum additions pertains to the assessee's capital gain tax liability. The central issue in computing such capital gain tax liability revolves around the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed appeals before the High Court which are pending. 3. In the meantime, the Assessing Officer instituted penalty proceedings and levied penalty on the ground that the assessee has misdeclared the income. 4. Having heard learned counsel for the parties and having perused the documents on record and in particular the impugned judgment of the Tribunal, we see no reason to inte ..... X X X X Extracts X X X X X X X X Extracts X X X X
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