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Yudhishthira Kaur,, New Delhi vs Assessee on 28 May, 2010 cites

The Commissioner Of Income Tax vs Shri. Ashok Khetrapal on 18 July, 2007

We have heard both the sides on the issue in detail. The CIT (A) has granted the relief on the basis of relying on the decision of Hon'ble jurisdictional High Court in the case of CIT vs. Ashok Khetrapal - 294 ITR 143, CIT vs. Prem Nath Nagpal - 214 CTR 51 and Dinesh Jain vs. DCIT 34 SOT 444. As far as the valuation of land by the DVO, we are of the view that the DVO has made the valuation only on the basis of one sale instance which was cleared by the appropriate authority by not passing order under section 269(1) of the Income-tax Act. The Valuation Officer who has prepared valuation on assessee's stance has taken average of three sale instances of the nearby locality. There is no evidence against these sales instances that these were at depressed rate. Average of three sale instances shall be more reliable or say near to accuracy then only one sale instance. Therefore, we hold that the DVO report was not reliable and accurate for valuing the land. The 20 ITA No.3653/Del./2010 CO No.295/Del/2010 valuation report prepared by the valuation officer was more accurate and reliable for valuing the land value.
Delhi High Court Cites 8 - Cited by 27 - V B Gupta - Full Document

Commissioner Of Income Tax vs Shri Prem Nath Nagpal on 4 May, 2007

We have heard both the sides on the issue in detail. The CIT (A) has granted the relief on the basis of relying on the decision of Hon'ble jurisdictional High Court in the case of CIT vs. Ashok Khetrapal - 294 ITR 143, CIT vs. Prem Nath Nagpal - 214 CTR 51 and Dinesh Jain vs. DCIT 34 SOT 444. As far as the valuation of land by the DVO, we are of the view that the DVO has made the valuation only on the basis of one sale instance which was cleared by the appropriate authority by not passing order under section 269(1) of the Income-tax Act. The Valuation Officer who has prepared valuation on assessee's stance has taken average of three sale instances of the nearby locality. There is no evidence against these sales instances that these were at depressed rate. Average of three sale instances shall be more reliable or say near to accuracy then only one sale instance. Therefore, we hold that the DVO report was not reliable and accurate for valuing the land. The 20 ITA No.3653/Del./2010 CO No.295/Del/2010 valuation report prepared by the valuation officer was more accurate and reliable for valuing the land value.
Delhi High Court Cites 9 - Cited by 22 - V B Gupta - Full Document

Commissioner Of Income-Tax vs Smt.Shakuntala Devi Prop.M/S Satish ... on 21 July, 2009

In the latest case of CIT v. Smt. Shakuntala Devi [IT Appeal No. 345 (Delhi) of2001], Hon'ble Delhi High Court held "it may be relevant to note that a Division Bench of the court comprising Dr. Arijit Pasayat and Justice D.K Jain, as their Lordships then were reiterate that there must be a finding of the revenue that the assessee had received amounts over and above the consideration stated in the sale deed, following the ratio of KP. Varghese's case (supra).
Punjab-Haryana High Court Cites 9 - Cited by 6 - Full Document
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