HIGH COURT OF JUDICATURE AT HYDERABAD FOR THE STATE OF TELANGANA AND THE STATE OF ANDHRA PRADESH PRESENT THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTA AND THE HON’BLE SRI JUSTICE M.S. RAMACHANDRA RAO I.T.T.A. NO.493 OF 2014 DATED:30.7.2014 Between:
Commissioner of Income Tax-III I.T. Towers, A.C. Guards Hyderabad … Appellant And O.V. Ramana Reddy (HUF) … Respondent THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTA AND THE HON’BLE SRI JUSTICE M.S. RAMACHANDRA RAO I.T.T.A. NO.493 OF 2014 JUDGMENT: (per the Hon’ble the Chief Justice Sri Kalyan Jyoti Sengupta) This appeal is sought to be preferred and admitted on the following suggested questions of law, against the impugned judgment of the learned Tribunal dated 25.10.2013 in relation to assessment year 2008-2009.
i. In the facts and circumstances of the case, whether the Hon’ble Tribunal is correct in law in upholding the rates adopted by the learned Commissioner of Income Tax [Appeals] to determine the capital gains, when the Assessing Officer computed the capital gains adopting the fair market value obtained from the Sub-Registrar Office for determining the cost of acquisition?
ii. In the facts and in the circumstances of the case whether the order of the Hon’ble ITAT is arbitrary and perverse and hence liable to be set aside?
The learned Tribunal upon consideration of the material reached the valuation of the property. By doing so, the Tribunal observed as follows:
“Therefore, considering the fact that the assessee’s property is situated at a prime location in Banjara Hills, which is just half a kilometer away from Masab Tank, the Fair Market Value adopted by the CIT(A) at Rs.900 per sq. yard for the land and Rs.100 per sq. ft for the built up area appears to be reasonable and cannot be called into question.”
Since the decision arrived at was based not on unacceptable material, we do not see any reason to interfere with the same.
The appeal is accordingly dismissed. There will be no order as to costs.
K.J. SENGUPTA, CJ M.S. RAMACHANDRA RAO, J 30.7.2014 bnr