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2014 (3) TMI 173 - ITAT HYDERABADValuation of Property - Determination of market value of marble slabs – Validity of assessment order passed by the A.O. u/s 143(3) r.w section 153A and 254 of the Act – Held that:- The Valuation Officer has not sent the comments and the order was getting time barred by 31.12.2010 - The CIT directs the AO to give one more opportunity to the assessee by furnishing copy of the DVO letter dated 06.03.2013 and determine the market value of the property as directed by the ITAT - the comments of DVO came much later - Had AO waited for the same orders could have barred by time - Then AO has no option than to complete the proceedings in the way he did. The opinion was already confirmed by the ITAT - even if an opportunity was given to the assessee again, the AO has to estimate the market value as on that date as there will be no way of examining the actual value in the absence of vouchers maintained by the assessee or books of accounts – thus, there is no reason to set aside again to give one more opportunity and estimate the values again - AO has already determined the same considering the DVO's original report, no further purpose would be served by setting aside the orders - Assessing Officer's adoption of values would depend on the original values adopted by the DVO and the objections raised by the assessee, to determine the market values – thus, the order passed by the CIT(A) u/s 263 of the Act set aside – Decided in favour of Assessee.
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