Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: TDS :: form 3cd :: empanelment :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: VAT Audit :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: cpt :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4%
« From the Courts »
 Shri Rakesh Kumar Gupta Vs. The Commissioner Of Income Tax-Xiii & Anr.
 Central Board Of Direct Taxes Vs. Satya Narain Shukla
 Meena Rastogi Vs. Central Board Of Direct Taxes, & Anr.
 Siddharth Rastogi Vs. Central Board Of Direct Taxes, Union Of India, Ministry Of Finance, Department Of Revenue & Anr.
 ITO vs. NVS Builders Pvt. Ltd (ITAT Delhi)
 Approva Systems Pvt. Ltd vs. DCIT (ITAT Pune)
 Procter & Gamble Home Products Pvt. Ltd vs. ITAT (Bombay High Court)
 Virag Tiwari Vs. Principal Commissioner Of Income Tax-21 & Others
  Anand Agarwal vs. Vilas Chandrakant Gaokar (Bombay High Court)
 Maxopp Investment Ltd vs. CIT (Supreme Court)
 Order of a Four-Member Appellate Authority constituted under Chartered Accountants Act is Valid: Delhi HC

Cost of acquisition: Appeal to the high court - Fair Market Value as on 01 April 1981
December, 21st 2006

CIT vs Ina Guha
Citation 195 Taxation 301
Cost of acquisition: Appeal to the high court - Fair Market Value as on 01 April 1981

AY 1986-87. No substantial question of law arose from the tribunals order, which had accepted the approved valuers report for determining the fair market value as on 01 April 1981 since such value was a question of fact.

S.55 and s.260A of the Income Tax Act 1961 

High Court of Delhi

CIT vs Ina Guha

T.S. Thakur and S.N. Dhingra, JJ

ITA No. 798 of 2006

2 June 2006

Premlata Bansal, Adv. for the Appellant
None for the Respondent


(Shlu Narayan Dhingra, J.)

Appellant has approached this Court under section 260-A of the Income-tax Act 1961 against the order of ITAT allowing the appeal of the assessee against the order of the CIT (A). The sole question which arises from this appeal is as to what was the market value of the property of the assesses in the year 1981. This issue arose because the assesses inherited one third share in property situated at 13, Golf Links, New Delhi through a 'Will' of her mother in law. She sold this property in the relevant assessment year. The capital gain was calculated by the assesses taking into account the value of acquisition of property on the basis' of the report of a government approved valuer, who determined the value of land in the year 1981 at the rate of Rs.4600 per sq. mt. The Assessing Officer considered that the market value of the land as taken by the valuer was excessive and it should be Rs. 2000 per on the basis of L and DO rate fixed for that year for that area. The ITAT came to the conclusion that report prepared by the approved valuer, who was a technical person, should have been accepted by the Assessing Officer. There was no basis for the Assessing Officer to consider the land rate at Rs.2000 per The L and DO land rate notified at Rs. 2000 was for a slab of three years 1981-83 and it was for the purpose of determination of unearned profits. This land rate did not reflect true market value. Tribunal observed that rate of the land in a colony or area cannot be uniform and rate varies from plot to plot, depending upon its location and area. It was also observed that asssssee had relied upon a sale deed of nearby area i.e. 65, Diplomatic Enclave, New Delhi, where land was sold @ Rs. 5791 per sq. mt. in the year 1985. Assessing Officer had not relied upon any sale deed. The Tribunal upheld the valuation report of the approved valuer and allowed the appeal holding land rate at Rs.4600 per sq. mt. for the year 1981.

We find that this appeal gives rise to only a question of fact, which has been decided by the Tribunal relying upon the relevant material and no substantial question of law arises for our consideration.

Accordingly, the appeal fails and is hereby dismissed.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions