Case Law Details
Narendra Singh Vs. ACIT (ITAT Jaipur)
Assessee himself adopted the value at Rs. 52,40,700 and filed the return of income in response to notice under section 148 of the Act. The assessing officer adopted the value at Rs. 1,56,95,100 as adopted by the DIG (Stamps). The assessee has only challenged the valuation adopted by the assessing officer at Rs. 1,56,95,100 before the learned Commissioner (Appeals). The learned Commissioner (Appeals) has granted the relief sought for by the assessee in his appeal. Now what is claimed in the appeal of the assessee is not a justified claimed. He himself has adopted the value for working out the capital gain at Rs. 52,40,700. Only enhancement was challenged before the learned Commissioner (Appeals). At the stage of Commissioner (Appeals), the matter was referred the matter to the District Valuation Officer, who has valued it around Rs. 29,83,500. Now the assessee’s Authorized Representative claims that this value should be substituted for the value declared by him in his return of income. On this issue, we are of the view that once the assessee has himself has offered the value adopted by the Registering Officer at Rs. 52,40,700 and filed the return of income and paid the taxes. Then there is no scope for reduction. He has also not agitated this valuation before the learned Commissioner (Appeals) in any of his grounds of appeal. Only plea was to adopt the value at Rs. 52,40,700 in place of Rs. 1,56,95,100, therefore, we find no merit in this plea of the learned Authorized Representative of the assessee.
FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:-
Both these appeals are the cross appeals, one by the assessee and another by the revenue emanates from the order of the learned Commissioner (Appeals)- Ajmer dated 29-1-2015 for the assessment year 2010-11.
2. The brief facts of the case are that the assessee had sold a land ad measuring 13068 Sq.ft. bearing Khasra No. 1834 situated at Thok Teliya, Ajmer on 6-1-2010. The declared consideration was Rs. 8.00 lacs. The Sub-registrar-cum-Stamp Duty Authority adopted the value of land at Rs. 52,40,700. The DIG (Stamps) enhanced the value of land at Rs. 1,56,95,100. The notice under section 148 of the Income Tax Act, 1961 (in short the Act) was issued on 25-2-2013 after recording the reasons. The assessee filed return of income on 30-3-2013 showing income from various heads including the income from capital gain on the sale of land ad measuring 13068 Sq.Ft. bearing Khasra No. 1834 at Ajmer. In the return of income, the assessee has adopted the value of transfer at Rs. 52,40,700 and worked out the capital gain of Rs. 46,25,457 after taking benefit of indexation and also for land improvement. The assessing officer worked out the long term capital gain on the basis Rs. 1,56,95,100 as valued by the DIG(Stamps). Assessee filed appeal before the learned Commissioner (Appeals) The grounds of appeal taken by the assessee before the learned Commissioner (Appeals) are as under:
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