Yerram Venkata Subba Reddy, Hyderabad vs. Asst. Commissioner of Income Tax, Circle-14(1), Hyderabad
In the result assessee’s appeal is partly allowed
ITA 1119/HYD/2018[2013-14]Status: DisposedITAT Hyderabad04 Nov 2020AY 2013-14
Bench: Smt. P. Madhavi Devi & Shri A. Mohan Alankamony
For Appellant: Sri S. Rama Rao, AdvFor Respondent: Sh. Rajendra Kumar, D.R
Section 143(1)Section 143(3)Section 263Section 32(1)Section 43(6)Section 50C
…C Mehta, the Coordinate Bench of the Tribunal had relied upon the decision of Hon’ble Patna High Court reported in 308 ITR 71 (Patna) in the case of Bimla Singh vs. CIT and the Punjab & Haryana High Court decision in the case of Prem Narain & Co., reported in 287 ITR 56 (P&H) to hold that if the difference assessed by the Valuation Officer and value received by assessee is not more than 15%, the same should be ignored because generally while valuing the property it is only estimation and some guess work is done for estimating the value of the property. 7.2. However, we find that in these cases the assessees ther…
