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2014 (5) TMI 395 - ITAT DELHIEnhancement of fair market value of land – Valuation done by DVO – Re-calculation of LTCG – Held that:- There was no infirmity in the order of CIT(A) - after the set aside of the matter by the ITAT, the AO got the property valued from the DVO of the Income tax Department - The valuation report was received by him during assessment proceedings but ignoring the valuation report, he estimated the fair market value of the land as was done originally - CIT(A) has rightly pointed out that there is a specific provision u/s 55 of the Act - once the valuation report is obtained by the Assessing Officer, it is binding on him - The CIT(A) has only directed the AO to re-compute the capital gain as per the report of the DVO – there was no reason to interfere in the order of the CIT(A) - Decided against Revenue.
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