Valuation of land on 1/4/81
This query is : Resolved
Guest
Guest
(Querist)
09 April 2014
Hi experts,
The assessee had valued his plot of land @Rs 44 per unit on 01/04/1981 from a registered valuer and filed return paying capital gains tax. But the AO has passed the assessment order after giving opportunity to be heard, stating that the plots in the same village were valued as low as Rs 11/- to Rs 19/- per unit during that time. The AO has made no reference to the DVO.
Kindly advise if we have any grounds for appeal.
The assessee had valued his plot of land @Rs 44 per unit on 01/04/1981 from a registered valuer and filed return paying capital gains tax. But the AO has passed the assessment order after giving opportunity to be heard, stating that the plots in the same village were valued as low as Rs 11/- to Rs 19/- per unit during that time. The AO has made no reference to the DVO.
Kindly advise if we have any grounds for appeal.
09 April 2014
Yes ,you have a valid ground to appeal.
Citation :- Smt.Krishnabai Tingre Vs I.T.O [2006] 101 ITD 317 (Pune-Tri).
Citation :- Smt.Krishnabai Tingre Vs I.T.O [2006] 101 ITD 317 (Pune-Tri).
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