Ita/84/2013 Of Commissioner Of Income Tax v. Shri Madan Mohan Joshi

15/10//2014 Shri Sanjay Lal, learned counsel for the appellant. This is a revenue appeal under Section 260-A of theIncome Tax Act,1961, calling in question the tenability ofconcurrent orders passed by the Commissioner of IncomeTax (Appeals) and the Income Tax Appellate Tribunal, Indore, The assessee is an individual and has filed return ofincome for the assessment year 2008-09. The case wasselected for scrutiny and notice under section 143(2) wasissued by the Income Tax Officer on 08-09-2009,consequently notice under section 142(1) was also issued. The Assessing Officer passed an order of assessmentand thereafter made certain additions in the matter ofassessment. In was found that the applicant has not paidcapital gain on certain property. While making assessmentof capital gain the Assessing Officer computed the value ofthe land based on the collector guidelines issued on 01-04-1981 and rejected the valuation claimed by the applicantbased on the Govt. registered valuer, who showed the rateof the land at Rs.50/- per sq.ft. The Commissioner and the Appellate Tribunal havefound that the Collector's guidelines are only guidelinesissued for the purpose of recovery of stamp duty wherethe Govt. valuer has valued the land at Rs.50/- per sq.ft..While rejecting the report of the Govt. valuer, no reason isgiven and finding the valuation report of the Govt. valuer to be reasonable in accordance with law, the Commissionerand the Appellate Tribunal have recorded concurrentfindings accepting the report of the Govt. valuer. Thediscretion exercised by the appellate authority and thereasons given by them for accepting the valuation reportsubmitted by the Govt, valuer showing the valuation atRs.50/- per sq.ft. Is a finding of fact arrived at on dueexercise of power and the discretion available with theappellate authority and after considering material availableon record, no justification has been been made, whichwarrants reconsideration in the proceeding under section260-A of the Income Tax Act. Accordingly, finding no ground made out for indulgenceinto the matter, this appeal stands dismissed. (RAJENDRA MENON) (SANJAY YADAV) JUDGE JUDGE hsp