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Section 48 of the Income-tax Act, 1961 - Capital gains - Computation of [Assessment year 1981-82] [In favour of revenue] CIT v. N. Srirama Reddy [2010] 228 CTR 541 (Kar. ) Where assessee had executed lease deed in favour of purchaser/developer who had agreed to give to assessee 11 flats in building constructed, but assessee claimed that undivided share in land continued to belong to assessee, on facts, there was no merit in assessee's contention and, hence, Assessing Officer was right in determining full value of consideration by taking into account value of land also. M.V. Seshachala and K.V. Aravind for the Appellant. S. Parthasarathi for the Respondent. JUDGMENT Aravind Kumar, J. : The above appeal is filed by the Revenue challenging the orders passed by the Tribunal, Bangalore Bench C in Misc. Petn. No. 104/Bang/2003 and in ITA No. 864/Bang/1996, dt. 13th Nov., 2003 and 17th April, 2003 respectively. The above appeal came to be admitted by this Court on 12th July, 2004 and the substantial question of law formulated for consideration by this Court at the time of admission is as follows : "Whether the appellate authorities were correct in holding that the valuation as adopted by the assessee should be accepted which was not based on any comparative sale instances or any accepted method of valuation adopted by ignoring the various materials and circumstances under which the AO had correctly valued per square feet of property at Rs. 332.335 and consequently recorded a perverse finding." 2. One N. Srirama Reddy had filed original return of income on 6th Feb., 1982 in respect of the asst. yr. 1981-82 and the assessment came to be completed on 13th March, 1983. The said assessment proceedings was reopened under s. 147 after issuing of notice under s. 148. In pursuance to the said notice the assessee filed revised return of income on 31st Oct., 1993 and declared the income from capital gains amounting to Rs. 11,00,615 out of transfer of land at No. 20, Palace Cross Road, Bangalore. The assessee Sri N. Srirama Reddy had purchased property bearing No. 20, Palace Cross Road, Bangalore measuring 84,758,500 sq. ft. with old building under two independent sale deeds dt.…

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