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2021 (8) TMI 564 - ITAT PUNEReopening of assessment u/s 147 - Addition on account of Capital Gains - procedure contemplated u/s. 50C - case was reopened on receipt of information of Central Information Bureau (CIB) regarding non disclosure of Capital Gains by issuing notice u/s.148 of the Act which was served on the assessee - HELD THAT:- Assessee having failed in establishing the sale effected through sauda chitti (agreement), we find no infirmity in the reasons given by the CIT(A) in this regard. We note that the AVO, Nagpur submitted its valuation of the subject land at ₹ 77,94,000/-. The assessee also submitted another valuation report dated 05-06-2015 issued by M/s. Vastukala Consultants (I) Pvt. Ltd. wherein we note that the valuation of the subject land was determined at ₹ 37,24,000/- in 2008. As it appears from the record that the assessee reported no objection to the value determined by the AVO at ₹ 77,94,000/- and it is also apparent from the record the AVO considered the valuation report of M/s. Vastukala Consultants (I) Pvt. Ltd. Since, the assessee put up no objection before the AVO regarding the determination of value of the subject land and since AVO considered the valuation report submitted by the assessee through its M/s. Vastukala Consultants (I) Pvt. Ltd. We find no infirmity in the order of CIT(A) in determining the valuation of the subject land by holding the valuation adopted by the AVO is correct and proper. We are of the view that the CIT(A) considered all the submissions and contentions of the assessee and also the mandate contemplated under the provisions of section 50C of the Act in determining the valuation of the subject land for computation of Capital Gains. Thus, we agree with the reasons recorded by the CIT(A). Therefore, the grounds raised by the assessee are fails and are dismissed.
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