LATE SH. LAXMI NARAYAN SAIWAL,JAIPUR vs. ITO, JAIPUR

PDF · subscribers
ITA 396/JPR/2017Status: DisposedITAT Jaipur26 December 2017AY 2005-0613 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the CIT(A) erred in confirming the AO's action of adopting a lower fair market value for the land. The comparable sale instances used by the DVO were not appropriate for the assessee's land.

What were the facts?

The assessee claimed a higher fair market value for land as of April 1, 1981, for capital gains calculation. The Assessing Officer (AO) and CIT(A) used a lower value based on the Departmental Valuation Officer's (DVO) report, which the assessee argued was not comparable.

What were the issues?

The primary issue was the determination of the correct fair market value of the land as on April 1, 1981, for calculating long-term capital gains, and whether the comparable sale instances relied upon were appropriate.

Which sections of the Income-tax Act were involved?

Section 48,Section 55

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, JAIPUR BENCHES (SMC

Before: SHRI BHAGCHANDvk;dj vihy la-@ITA No. 396/JP/2017

For Appellant: Shri P.C. Parwal, C.A
Hearing: 25/10/2017

per sq. yard is quite fair and reasonable. Hence, the Bench directs to

adopt the fair market value @ Rs. 300/- per sq. yard as on 01-04-1981.

3.0 In the result, the appeal of the assessee is allowed on above terms. Order pronounced in the open court on 26/12/2017

Sd/- ¼HkkxpUn½ (Bhagchand) ys[kk lnL;@Accountant Member Tk;iqj@Jaipur fnukad@Dated:- 26 /12/ 2017 *Mishra आदेश की प्रतिलिपि अग्रेषित@ब्वचल वf जीम वतकमत वितूंतकमक जवरू vihykFkhZ@The Appellant- Late Shri Jaipur Laxmi Narayan Saiwal, Jaipur 1. izR;FkhZ@ The Respondent- The ITO, Ward- 5 (4), Jaipur 2. 3. vk;dj vk;qDr¼vihy½@ CIT(A). 4. vk;dj vk;qDr@ CIT, 5. विभागीय प्रतिनिधि] आयकर अपीलीय अधिकरण] जयपुर@क्त्ए प्ज्Aज्ए Jंपचनत 6. xkMZ QkbZy@ Guard File (ITA No. 396/JP/2017) vkns'kkuqlkj@ By order, सहायक पंजीकार@ Aेेपेजंदज. त्महपेजतंत

More judgments on Section 48

All 1,457 judgments and leading authorities on Section 48 →

Recent GST High Court judgments

Search GST case law →