9911796707
TMI Blog2022 (11) TMI 1198X X X X Extracts X X X X X X X X Extracts X X X X ..... 8) wherein the Valuer has to report whether any comparable instances/cases of the sales relied upon to arrive at the value of the land. As per the Central Public Works Department s Manual, comparable sale instances, are only method for valuation. It is settled law that orange and apple cannot be compared which has been done by the Registered Valuers to arrive at an imaginary rate @ 235 per. Sq. mtr. The DVO has taken the rate @ Rs.50 per sq. mtr., which is based on some scientific analysis and as per the guidelines as the comparable sales instances has been taken. As correct computation of capital gains on the basis of the valuation report of the DVO has been made by the Assessing Officer. The AO is being directed to taken the estimated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... valuer. 3. That even though assuming the jurisdiction of the case when inquired for the case, had the prejudicial mind to harass the assessee did not consider the information provided. Same line of method used by the approved valuer though Ld. Commissioner has not considered the value. Ld. Commissioner has partly allowed and considered the DVO value which was very unjust. 3. None appeared on behalf of the assessee, despite issuance of notices of hearing. This appeal has been listed for hearing on several times in the past, however none appeared on behalf of the assessee, therefore we are of the view that assessee is not interested to prosecute this appeal. Therefore, we have heard Learned Departmental Representative (Ld. DR) for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8,740/- as on 01.04.1981, and claimed indexed cost of Rs.35,71,098/- against sale consideration of Rs.88,29,800/-. The assessee has claimed cost of acquisition as on 01.04.1981 based on valuation report of Shri Ramesh Jain, registered valuer, as the said property was ancestral property. However, on-going through the valuation report it is seen that the said property is valued at the rate of 235.00 per sq. mtr. which appears exorbitant, considering the location as on 01.04.19881. Hence, for verifying the genuineness of the claim of cost of acquisition, the same was referred to the Departmental Valuation Officer, letter dated 01.11.2017. However, the report has not been received from the Valuation Officer, as the assessment was getting time b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Authority the value of the property was Rs.5,41,80,700/- and the appellant had accordingly shown sale consideration at Rs.2,70,90,350/- (50%). In the computation of the LTCG, as per section 50C of the Act, the appellant had claimed cost of acquisition of Rs.10,69,955/- as on 01.04.1981 and had claimed indexation cost of Rs.1,09,56,339/- against the sales consideration of Rs.2,70,90,350/-. While the second property situated at Block No.156, Jahangirbad, Dandi road, Surat was sold for Rs.53,20,200/- on 03.12.2014 alongwith two co-owner in which the appellant had accordingly shown sale consideration at Rs.88,29,400/- (1/3rd) in the computation of the LTCG as per section 50C of the Act and had claimed cost of acquisition of Rs.3,48,740/- as o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 sq. mtr. The comparable instances taken by the Registered Valuer is absolutely absurd as there are no match to the size of the 2 properties in question and the comparables taken by him as mentioned above. The nearest sale instance as per the size in sq. mtr. has been taken by the DVO of 12342.80 sq. mtr., which is somewhere near comparable to the actual land in question. The Registered Valuer had not based his Valuation Report on any scientific or logical basis but had made general observations to work out the FMV. The Registered Valuer is required to follow the provisions of the Urban Land Ceiling Land Act, Town and Country Planning Act, Chapter XXC of the I.T. Act, Capital Gains under the Income Tax Act and Guidelines referred by the In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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