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Income Tax Appellate Tribunal, HYDERABAD ‘ B ‘ BENCH, HYDERABAD.
Before: SHRI SATVEER SINGH GODARA & SHRI LAXMI PRASAD SAHU
O R D E R Per Shri S.S. Godara, J.M. : This Revenue’s appeal for Asst. Year 2006-07 arises from the Commissioner of Income Tax (Appeals)-17 Hyderabad’s order dt.5.5.2017 passed in case No.0507/CIT(A)-7/2016-17 in proceedings under Section 143(3) r.w.s. 254 of Income Tax Act, 1961 (‘the Act’). Heard both the parties. Case file perused.
Coming to the Revenue’s sole substantive ground seeking to revive the Assessing Officer’s action making Long Term Capital Gains (LTCG) addition of Rs.11,34,93,000 as per Department Valuation Officer (DVO’s)
50C of the Act, both the learned representatives took us to the CIT(Appeals) order deleting the same as under :
We have given our thoughtful consideration to rival pleadings against and in support of CIT(Appeals) foregoing detailed discussion deleting the impugned addition. The Revenue’s case as per the Assessing Officer’s stand is that the DVO’s report herein had determined final valuation of the assessee's property and the same ought not to have been disturbed in the CIT(Appeals) order keeping in mind all the corroborating material facts. We find no substance in the foregoing argument of Revenue for the clinching reason that the relevant capital asset herein is situated in industrial area developed by APIIC (a state government body itself) carrying necessary in-built conditions regarding the proposed activity to be carried out thereupon. The said asset could only be used for industrial and other specified purposes in an institutional / industrial area otherwise therefore. Learned department
DVO report therein has not taken into consideration the same as he had gone by other consideration regarding plot size, location, approach from the main road and nature of the locality only. It is further evident that the CIT(Appeals) has already adopted twice the specified value fixed by M/s. APIIC value for industrial plots and still the same comes to Rs.8,91,93,400 as against the declared sum of Rs.9,06,00,000. We thus find no reason to interfere with the CIT(Appeals) conclusion under challenge deleting the impugned addition.
No other argument has been raised before us.
This Revenue’s appeal is dismissed in above terms.