- (1.) Heard Sri Suyash Agrawal, learned Counsel for the assessee and Sri Shubham Agrawal, learned Counsel for the department.
(2.) This is an assessee's appeal filed under Section 260-A of the Income Tax Act, 1961 against an order of the Tribunal date 22.07.2010 for the Assessment Year 2003-04. The questions of law referred to are hereunder:- "(A). Whether on the facts and in the circumstances of the case, the Tribunal was justified in adopting without any basis the cost of land on 01.04.1981 @ Rs. 20 per sq. yard for the purpose of Long Term capital Gains, ignoring the report of Registered Valuer estimating value of land @ Rs. 200/- per sq. yard as well as other evidences adduced before the authorities ? (B). Whether on the facts and in the circumstances of the case, the Tribunal was justified in considering that once the Assessing Authority has disbelieved the report of approved valuer relied by the assessee, he is duty bound to refer the case to the valuation cell as per Section 55A of the I.T. Act ?"
(3.) Learned Counsel for the assessee has sought to argue the question no.2 first and while doing so learned Counsel for the department in reply has relied on a decision of Bombay High Court in the case of Patel India (P) Ltd. v. Deputy Commissioner of Income Tax reported in (1999) 63 TTJ Mumbai 19 a reference may be had to paragraph no.10 of the said judgement in which it has been clearly laid down that it is mandatory to make a reference under Section 55A of the Act.;