9911796707
TMI Blog2023 (10) TMI 545X X X X Extracts X X X X X X X X Extracts X X X X ..... d as on 01.04.1981 at Rs. 19,024/- and taxable LTCG has been computed As valuation certificate has been obtained by the appellant from the Registered Valuer only upon re-assessment proceeding initiated and not submitted to the Ld. AO till 28.03.2016 by which period the Valuation Report from the DVO dated 15/16-3-2016 has already been obtained by the Ld. AO., and no objection was raised by the appellant against the DVO's report, neither any evidences were sought to be relied upon by the appellant in respect of value of the land in question, the Ld. CIT(A) confirmed the addition. It is an admitted fact that on 28.03.2016, the Ld. AO received the valuation report submitted by the appellant, much after the valuation report dated 15/16-03-2016 as obtained by the Ld. AO from the DVO . In spite of the several opportunities, no objection was filed in regard to the same by the appellant neither any evidence has been relied upon even during the appellate proceeding. Thus, we do not find any reason to interfere with the order of confirmation of addition made by the Ld. CIT(A) which according to us is just and proper. The same is, therefore, upheld. The appellant s ground of appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... above whereupon on 26.06.2015 the appellant filed return of income declaring total income of Rs. 1,80,610/-. The appellant has shown long term capital loss of Rs. 1,47,331/- on account of sale of the abovementioned property and while calculating the long term capital gain claimed cost indexation benefit and the cost of acquisition has adopted by taking fair market value as on 01.04.1981 at Rs. 16,11,125/-. As the cost of acquisition adopted by the appellant was without any basis and which seems to be on higher side, a reference was made to the Valuation Officer under Section 55A of the Act for determining the fair market value of this property as on 01.04.1981. By and under report dated 15/16-3-2016, the Valuation Officer determined the fair market value of the aforesaid property as on 01.04.1981 at Rs. 19,024/-. Hence, a show cause notice issued, the appellant filed a written reply in the following manner: From: Shri Vechatbhai Jivanbhai Vaghri PAN No. BHJPD5885R At Post Pethapur, District: Gandhinagar Date: 17/03/2016 To, Income Tax Officer, Ward-4, Block No.-14 4th Floor, Udhyog Bhavan, Sector-11, Gandhinagar Referenc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... referred an application dated 07.01.2000 for the same and after due verification and inspection, the authority had allotted new City Survey No 3648 to land bearing Old Vade No 307. 6) After the death of the father of the assessee, the said land had been transferred in the name of assessee and in the year 2010 the assessee has decided to sell the said land. That on 29.10 2010 that by way of an oral agreement to sale with (1) Yusufbhai I. Parmar Hitendrsinh Pratapsinh Parmar for total consideration of Rs. 1,25,00,000/- it was agreed to be sold the said land. It is stated that the assessee received total of Rs 65,00,000/- as advance the Accounting Your 2010/11. Copy accounts herewith and marked as Exh.C. 7) After the oral agreement to sale and receiving part of consideration, the purchaser has made an application for ploting and construction to the Pethapur Nagarpalika on 06.01.2011 the name of assessee since the sale deed not been executed that date. On 25.01.2011, Nappalika has given permission for construction and ploting. 8) That on 22.07.2011 the assessee has entered into written agreement to sale for an amount of Rs. 125,00,000/- with the purchaser and same had be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ay any long term capital gain and therefore the Assessment proceedings may be accordingly may be put to an end. It is further stated that the assessee has also get the valuation certificate on 25.07.2015 and calculation as per the valuation certificate is as follows and copy of the valuation certificate dated 25.07.2015 issued by the Shri Nimesh Raval, Govt. Approved Valuer is annexed herewith and marked as Ed E Valuation on 1981 13,50,000/- Index Cost 1,05,97,500/- Sale Value 1,25,00,000/- Capital Gain 19,02,500/- 11. It is further to inform that consideration received out of sale of land for an amount of Rs. 1,25,00,000/- had been distributed between the assessee and his 10 children (5 Sons + 5 Daughters) Vechatbhai Vaghan 15,00,000/- Sons (5*15,00,000/-) 75,00,000/- Daughters (57,00,000/-) 35,00,000/- Total 1,25,00,000/ Copy of the accounts showing the above mentioned distribution is annexed herewith and marked as Ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 28.03.2016, the appellant filed valuation report dated 25.07.2015 prepared by a Government Valuer wherein the market value of the sale of land in question as on 01.04.1981 was determined at Rs. 15,00,000/- and realizable value shown at Rs. 13,50,000/-. However, it was found that the appellant never submitted this valuation report earlier during the course of assessment proceeding, neither raised any objection before the Valuation Officer in regard to the valuation of the land on the rate adopted by the Valuation Report as reflecting from the valuation report dated 15/16-3-2016, the copy whereof has already been reproduced by the Ld. AO in the assessment order. Taking into consideration this particular aspect of the matter, the working of capital gain furnished by the appellant was not found to be acceptable and the value determined by the Valuation Report Dated 15/16-3- 2016, the cost of acquisition of land as on 01.04.1981 at Rs. 19,024/- and taxable LTCG has been computed in the following manner and Rs. 1,23,50,662/- has been added to the total income of the appellant on account of LTCG not disclosed by the appellant: Sale consideration ..... X X X X Extracts X X X X X X X X Extracts X X X X
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