Rsj Properties Pvt. Ltd., Chennai vs. ITO Corporate Ward 5(3), Chennai
In the result, the appeal of the assessee is partly allowed for statistical purpose
ITA 1426/CHNY/2019[2015-16]Status: DisposedITAT Chennai14 Oct 2019AY 2015-16
Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddy]
For Appellant: Shri. T. Banusekar, C.A
Section 143(3)Section 144Section 234BSection 56(2)(viib)
…rescribed for the purpose of stamp duty is not always the same as FMV. He also placed reliance on the decision of Hon’ble Jurisdictional High Court in the case of Hindustan Motors Ltd vs. Members, The Appropriate Authority & Ors, ITA No.1426 /2019 :- 5 -: 249 ITR 424 and he further submitted that the FMV was computed by the assessee based on the CA Certificate who, in turn, relying on the valuers report, adopted the market value of the land at Bikaner, Rajasthan at Rs.4,89,86,700/-. Accordingly computed FMV of the shares at Rs.52.09 per share and therefore FMV computed by the registered valuer cannot be assa…
