SHRI VINOD KUMAR GURU,JABALPUR vs. INCOME TAX OFFICER WARD 2(1), JABALPUR

ITA 38/JAB/2019Status: DisposedITAT Jabalpur17 November 2020AY 2012-133 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that there cannot be two different fair market values for the same property as of 01.04.1981. Consistency in valuation is important, and since the brother's declared value was accepted, the assessee's value should also not be disturbed.

What were the facts?

The assessee sold a property and declared a fair market value as of 01.04.1981 for capital gains calculation. The AO reopened the assessment based on a report and estimated a different fair market value. The assessee argued that his brother, who co-owned the property, had his declared value accepted by the department.

What were the issues?

Whether the AO can determine a different fair market value for a property as of 01.04.1981 when the same value was accepted for a co-owner of the property in a previous assessment or for the same assessment year.

Which sections of the Income-tax Act were involved?

Section 147

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, JABALPUR “SMC” BENCH, JABALPUR

Before: SHRI NRS GANESAN

For Appellant: Shri Rahul Bardia, CA
For Respondent: Shri I B Khandel,DR
Hearing: 17/11/2020Pronounced: 17/11/2020

Per NRS Ganesan, JM:

1.

This appeal of the assessee is directed against the order of CIT(A)-1, Jabalpur dated 02.4.2019 and pertains to AY 2012-13. 2. The only issue arises for consideration is determination of fair market value as on 01.04.1981 in respect of the property sold by assessee at Bhopal along with his brother, Shri Surendra Kumar Guru. Shri Rahul Bardia, ld. Representative for the assessee submitted that the assessee alongwith his brother sold a property at Bhopal for Rs.3.00 crores. The assessee valued the property as on 01.04.1981 at Rs.6,37,000/-and after indexation, arriv

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 147

All 49,210 judgments and leading authorities on Section 147 →

Recent GST High Court judgments

Search GST case law →