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TMI Blog1989 (7) TMI 134X X X X Extracts X X X X X X X X Extracts X X X X ..... ands for the purpose of computation of capital gains. The assessee had sold the lands and for the purpose of calculation of capital gains had claimed that the value of the land was Rs. 45 per sq.yd. The ITO, in the original assessment, took. the rate of Rs. 28 per sq.yd. The Commissioner, in exercise of his revisional powers, set aside that order and directed the ITO to reframe the assessment. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t to the CIT(A) deciding his appeal against the original assessment order that that order has been set aside under sec. 263 and as a result thereof the Appellate Commissioner gave some relief to the assessee. Not only that, when the ITO was reframing the assessment pursuant to the revisional order of the Commissioner, the assessee challenged the competency of the Commissioner passing the order und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Dahyabhai Patel HUF for the A.Y. 1980-81 where for land in the same survey number the rate of Rs. 35 per sq.yd. as on 1-4-64 had been taken. 3. On the other hand, the learned departmental representative pointed out that in the wealth-tax record of the said Bachubhai Dahyabhai Patel HUF the value of the land was shown at Rs. 2.07 per sq.yd. for the A.Ys. 1970-71 and 1971-72. He pointed out that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t assessee must be held at her own word. Further in the wealth-tax assessments of the HUF the value had been shown at Rs. 2.07 per sq.yd. and obviously with a view to pay less wealth-tax. It is even surprising that this kind of plea is being taken that for the purpose of capital gains that value for other Acts cannot be taken into account. We have, therefore, no hesitation in holding that the valu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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