2017 (4) TMI 1531

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..... D, J. This appeal has been preferred by the assessee is directed against the order of the Commissioner of Income Tax(Appeals)-II, Ahmedabad, dated 05/03/2014 for the Assessment Year (AY) 2007-08. 2. Assessee has been taken following Grounds of appeals: (i). The learned Commissioner of Income Tax(Appeals) has erred in law and on facts in dismissing the appeal of the appellant on the reasoning t .....

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..... d u/s. 50C(2) of the Act. 4. On receipt of the Valuation Report from the Departmental Valuation Officer, the learned AO's order of the valuation made by the Departmental Valuation Officer of the concerned property and made the addition of differential amount i.e. difference between the valuation of the property made by the Departmental Valuation Officer and the sale consideration shown by the app .....

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..... ny opportunity to the appellant to submit his objection and comments in this regard to the proposed adoption of value of the concerned property. 9. It is stated that has per the layout plan clearly shows that the areas of Final Plot No.3 of Block No. 114 bearing Survey No.'s 84/1 + 84/2 as per TP Scheme No.19 is 24,432.80 Sq.mt. only. 10. It is also stated that while valuing the impugned propert .....

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..... value of the plot for 09/03/2007, where it should have been determined for the month of December 2006. 14. As per the learned AR, Departmental Valuation Officer has also made exceedingly higher estimate of sale rate of Rs. 300/- per sq.mt., when the comparable sales instances show the average sale rate of only Rs. 58.83/- per sq.mt. 15. He also drew our attention that said plot land falls under .....

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..... Rs. 34,90,000/- determined by the revenue. Accordingly, assessee gets relief to the extent of 50% in the deemed sale consideration. The AO is accordingly directed to re-compute the taxable capital gain in terms of the direction noted above. In the result, appeal of the assessee is partly allowed. 17. In the result, appeal filed by the assessee is partly allowed.
Case laws, Decisions, Judgemen .....

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