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2022 (9) TMI 515 - ITAT MUMBAIRectification u/s 154 - Receipt of valuation report after the date of assessment order passed - re-computation of the long term capital gain - FMV / Cost of acquisition determination - sale of immovable property - HELD THAT:- Assessing Officer has not stated any reasons for not accepting the valuation report submitted by the assessee anywhere in the Assessment Order passed u/s. 143(3) of the Act. Subsequently valuation report from DVO dated 08.10.2018 was received wherein the construction cost of the immovable property situated at Hyderabad is valued at Rs.2,51,500/. Accordingly, the value determined by the DVO is Rs.2,51,500/- by adopting estimated cost method. Whereas assessee submitted the value of Rs.8,00,000/- adopting the fair market value method. Accordingly, Assessing Officer passed the rectification order u/s. 154 of the Act. In the case of of Kirit Thakker [2011 (10) TMI 771 - ITAT MUMBAI] , it was held that, "the issue of valuation/FMV accepted by the Assessing Officer while passing the assessment order u/s 143(3) cannot be disturbed and re-determined under the provisions of sec. 154, as the said issue, in our view, is not an error or mistake apparent on the face of the order, which can be rectified under the provisions of sec. 154." We are inclined to set-aside the order passed u/s. 154 and order of CIT(A). - Decided in favor of assessee.
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