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2011 (3) TMI 511 - ITAT, MUMBAIComputation of capital gains - fair market value - held that:- there is a provision in the Act for reference to the DVO because AO has merely added 15% to the purchase cost for determining the fair value which may also not be correct. Further no purpose would be served if he matter is set aside for reference to the DVO because the valuation date is almost 30 years old. Therefore, it would fair to estimate some value and bring the matter to finality. Cost of construction - When an old building is redeveloped and there is an understanding with the tenants that they would be accommodated without additional cost and even the plans have been approved with the condition that existing tenants would get accommodated without additional cost, naturally, the assessee could not have recovered any sale consideration from such existing tenants, but at the same time assessee had incurred cost on the over all project including the area allotted to the existing tenants and, therefore, such cost has to be allowed.
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