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2014 (9) TMI 1189 - ITAT LUCKNOWCapital gain computation - reference of the matter to the D.V.O. for determining the Fair Market Value of the land as on 01/04/1981 - HELD THAT:- There is no dispute regarding the market value as on 01/04/1981 with regard to cost of construction. The only dispute is regarding value of land as on 01/04/1981. In support of the value of the land adopted by the assessee for computing the capital gain, the assessee has submitted a report of Registered Valuer. AO has not referred the matter to D.V.O. and on his own, he has rejected the report of Registered Valuer and chose to adopt rate of ₹ 6/- per sq. ft. as market value of land as on 01/04/81. Issue is covered in favour of the assessee as the assessee has submitted the valuation report of the Registered valuer and the matter was not referred y the AO to D.V.O., the AO has to accept the report of the Registered Valuer regarding market value of the land as on 01/04/81 as claimed by the assessee. Hence, we set aside the order of CIT(A) and direct the Assessing Officer to recompute the capital gain by adopting value of land as on 01/04/81 as claimed by the assessee duly supported by the report of the Registered Valuer. - Decided in favour of assessee.
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