DAYA SINGH Vs. CIT

JUDGEMENT

(1.) The assessee has preferred this appeal under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as, the Act) against the order dated 16-11-2007 for the assessment year 1999-2000, passed by the Tribunal, Amritsar Bench, Amritsar in ITA No. 245/Asr/2007, proposing to raise following substantial questions of law:

(2.) The assessee filed his return as individual of the assessment year 1999-2000. Since compensation received in lieu of acquisition of land, which was taxable as long-term capital gain was not declared, reassessment notice under Section 148 of the Act was issued to the assessee and reassessment was made accordingly; which has been affirmed by the Commissioner (Appeals) as well as by the Tribunal. The assessee failed to declare cost of acquisition of the land as on 1-4-1981 and the same was determined by the assessing officer at Rs. 114 per marla taking into account 26 sale instances. The assessee did not lead any evidence nor disclosed the rate at which he acquired this property either before the assessing officer or before the appellate authorities.

(3.) In absence of the assessee having lent any evidence, the rate determined by the assessing officer as affirmed by the Commissioner (Appeals) and the Tribunal, cannot be held to be arbitrary or perverse. The rates suggested in the questions of law on the basis of auction bid in auction conducted by the Improvement Trust cannot be held to be comparable, as it is not the case of the assessee that he had purchased the property in auction. Auction of Improvement Trust normally relates to developed land and its comparability depends on the nature of the land of the assessee. The rate of auction of the Improvement Trust is not shown to have been pleaded before the assessing authority.