tenant has is to have a tenement in the newly constructed building at legally acceptable rent. If in spite of or against these provisions ... during the period of demolition of the old building and the construction of the new building, even the value of the alternate accommodation which
para No.7 of the impugned assessment order. So, there is no deviation in
observation in recorded reason & the addition was confirmed in alleged ... Maniyar,
each holding a 50% share in a property located at Mithaiwala Building and a shop
at Buleshwar. The Ld. AO observed a discrepancy between
Vijay Grihnirman P.Ltd, Mumbai vs Department Of Income Tax on 29 April, 2016
IN
provides that
in case of transfer of capital assets being land or building if the value adopted by the
assessee is less than the value ... There is no provision
in the act permitting the AO to deviate from that. Hence, the AO not invoking the
provision of section 50C , certainly
special
advantages or benefits. It is possible that in a high rise building because of
special advantages and benefits an office or a block ... blanket rejection of the municipal valuation but the Assessing Officer can deviate
from the same if he has cogent and reliable material. In the present
George Forana Church (supra) and held that
construction of school / college building is allowable as application of
income towards the object of the trust ... Appeals) in earlier
assessment year, we do not find any reason to deviate from the
findings of earlier assessment year and, accordingly, set aside
assessee had claimed
SOP allowance in respect of Flat at Vikas Anand Building which was accepted
by the ld. CIT(A). He submitted that during ... consider Vikas Anand property as self
occupied property since he has deviated from the method of determining the
ALV of the properties. Since
5592/Mum/2011 (A.Y.2007-08)
M/s. Vesta Building Products Pvt. Ltd. vs. C.I.T.
factual position ld. CIT(A) has rightly ... learned CIT
(A). Moreover, there is no reason for us to deviate from the findings
recorded by the learned CIT (A). Therefore
transfer of tenancy
rights of some of the flats in the building "Kapoor Mahal" whose
5/6th portion was acquired by the assessee ... Therefore, there are no reasons for us to
interfere into or deviate from the findings recorded by the Ld.
CIT (A). Hence
while invoking the different provisions for the first time, deviating entirely from the
manner of assessment done by the AO. It is also a fact ... issue regarding the
adoption of the FMV of the land and building. Considering the above, we are of the
opinion that there is need
