Madhya Pradesh High Court
Commissioner Of Income Tax vs Abeeson Hotels (P) Ltd. on 1 July, 2004
Equivalent citations: (2004)191CTR(MP)263
Author: A.M. Sapre
Bench: A.M. Sapre
ORDER A.M. Sapre, J.
1. This is an appeal under Section 260A of the IT Act filed by the Revenue (IT Department) against an order dt. 23rd Dec., 2003, passed by Tribunal in ITA No. 586/Ind/1998.
2. The question that arises for consideration in this appeal is, whether this appeal involves any substantial question of law as is required to be made out under Section 260A of the Act.
3. Heard Shri R.L. Jain, learned counsel for the appellant, on the question of admission.
4. Having heard learned counsel for the appellant and having perused record of the case, we are of the view that this appeal has no merit. In Other words, the appeal does not involve any substantial question of law and hence, it merits dismissal in limine.
5. The question in substance that arose before the taxing authorities was in regard to valuation of assessee's properties. It was found that there is some variation between the valuation made by the assessee and what is made by the DVO. So far as assessee's valuation was concerned, it was valued at Rs. 1,41,79,527 whereas the valuation made by DVO was at Rs. 1,58,38,500. In the opinion of Tribunal, 10 per cent difference usually occurs in two valuers and hence, the valuation shown by assessee was accepted. The Revenue has now come up in appeal against this finding.
6. We find no merit in the challenge laid, by the Revenue. In fact, what is held by the Tribunal cannot be faulted with. The 10 per cent difference in the valuation made by the two valuers cannot be said to be either unreasonable or without any basis. It usually occurs and hence, if the authorities accepted the valuation of the assessee so far as the property in question is concerned, the said reasoning cannot be regarded as entirely illegal or illogical, or without jurisdiction.
7. The issue thus does not involve any question of law, much less substantial question of law. The appeal, thus fails and is hereby dismissed in limine.