ITO, WARD-3(2)(4), AHMEDABAD vs. SHRI ASHOK VADILAL PATEL, AHMEDABAD

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ITA 777/AHD/2018Status: DisposedITAT Ahmedabad22 June 2021AY 2012-135 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision to adopt a lower property valuation of Rs. 1,43,80,860. The AO's higher valuation was found to be unsubstantiated.

What were the facts?

The Revenue appealed against the CIT(A)'s order which directed the AO to adopt a lower property valuation. The AO had initially valued the property at Rs. 3,88,60,900 based on a rate of Rs. 1670/- per sq. meter.

What were the issues?

The primary issue was whether the Assessing Officer correctly valued the property based on the provided rates, or if the lower valuation directed by the CIT(A) was more appropriate.

Which sections of the Income-tax Act were involved?

Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘’ C’’ BENCH, AHMEDABAD

Before: SHRI WASEEM AHMED

For Respondent: Shri L.P. Jain, Sr.D.R, Shri Tushar Hemani, Sr. Advocate with Shri P.B. Parmar, A.R
Hearing: 31/05/2021Pronounced: 23/06/2021
9.

Admittedly, the decision rendered by the ITAT in the own case of the assessee as discussed above is binding on us. Therefore we have no other alternate except to follow the order as discussed aforesaid. Accordingly, we hold that the appeal preferred by the revenue is devoid of any merit and thus liable to dismissed.

10.

In the result the appeal filed by the Revenue is dismissed.

Order pronounced in the Court on 23/06/2021 at Ahmedabad.

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