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TMI Blog2014 (10) TMI 1027X X X X Extracts X X X X X X X X Extracts X X X X ..... Shri A.S. Sriraman, Advocate ORDER S.S.Godara, This Revenue's appeal for assessment year 2007-08, is directed against order of the Commissioner of Income-tax (Appeals)II Chennai dated 26.2.2014, passed in Appeal No.1399/2013-14, in proceedings under section 143(3) r.w.s 147 of the Income-tax Act, 1961 (in short the 'Act'). 2. The Revenue's sole substantive ground challenges the CIT(A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 'other' income of Rs. 3,05,60,871/-. It adopted 'FMV' of the property acquired as on 1.4.1981 to be Rs. 10,22,400/- based on a registered valuer's report for computing long term capital gains. The Assessing Officer had placed reliance on Sub-Registrar's valuation @ Rs. 10,000/- per ground in assessment year 2006-07 for computing 'FMV' of the very property. This prompted him to issue section 148 n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y as on 1.4.1981 as per the Sub-Registrar's correspondence(supra). A co-ordinate bench of the 'tribunal' has already averaged the two values qua the same property in assessment year 2006-07. The Assessing Officer has re-opened the assessment on the basis of his findings in the said assessment year. The Revenue fails to point out any distinction on facts. In these circumstances, we hold tha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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