- (1.) The subject matter of challenge in the appeal is a judgment and order dated 3rd August, 2007 passed by the learned Income Tax Appellate Tribunal pertaining to the assessment year 2004-2005. The revenue has come up in appeal. The following questions were formulated at the time of admission of appeal:- " (a) Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is correct in adopting the value of share of the assessee in the property at 47, Archbishop Makarios Marg (Golf Links), New Delhi as on 1.4.1981 at Rs.18,40,244/- in accordance with the report of the Registered Valuer instead of Rs.15,02,907/- being the mean value between the valuations made by the Registered Approved Valuer and Rs.11,65,570/- by the District Valuation Officer, as determined by the Commissioner of Income Tax (Appeals) ? b) Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is correct in applying the cost inflation index with effect from 1.4.1981 instead of the year 1999-2000, in which the assessee inherited the property, contrary to the provisions of Explanation (iii) to section-48 of the Income Tax Act, 1961, to the effect that it would be applied with effect from the first year in which the assessee held the property, or 1.4.1981, whichever is later, on the ground that a literal interpretation of the provisions was to be discarded ? c ) Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is correct in holding that the rent from the property at Panchasheel Park, New Delhi, was to be assessed under the head "Income from House Property" and not as "Income from Other Sources " , though the land stood in the name of the assessee's husband? "
(2.) The facts and circumstances of the case are briefly stated as follows:- A residential house situate at Premises No.47, Golf Links, New Delhi was purchased by Sardar Pratap Singh on 16th April, 1958 at a cost of Rs.34,600/-.
(3.) He died on 29th June, 1968. The aforesaid property devolved on her widow Bhajan Pratap Singh. She died on 16th September, 1999. The assessee and her three sisters being the daughters of the deceased Bhajan Pratap Singh succeeded to the property in equal shares. During the financial year 2003-2004 the property was sold at a sum of Rs.12 crores. Share of the assessee in the sale proceeds was a sum of Rs.3 crores. The question numbers 1 and 2 indicated above are with regard to computation of the capital gains payable by the assessee consequent to sale of the property situate at Golf Links.;