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2014 (1) TMI 192 - AT - Income TaxRectification of Mistake u/s 143(3) r.w Section 254 of the Act – Quantum of assessment challenged – Adoption of fair market value of the property – Held that:- For the purpose of section 50C, the Assessing Officer has adopted the value determined by the V.O. and has computed the long term capital gain at ₹ 11,38,020 - The Assessing Officer is bound by the V.O's report in case it is lower than the value assessed by the stamp valuation authority, however, the same is not binding upon the learned Commissioner (Appeals) or the Tribunal wherein the assessee can further raise objection to such valuation - If that is so, then the learned Commissioner (Appeals) and the Tribunal can also examine into the fact whether the difference of less than 15% between the actual sale consideration and the value adopted by the V.O. can be ignored on the facts and circumstances of the case. Neither the Assessing Officer nor the learned Commissioner (Appeals) entertained any such objection or has given any cogent reasons - If the assessee has made various objections to the V.O's report, the learned Commissioner (Appeals) was bound to look into these objections so as to arrive at proper fair market value - He was also bound to consider the contentions of the assessee that in case of difference of less than 15% between the value shown by the assessee and the value estimated by the V.O. - the benefit should be given to the assessee and such a difference can be ignored – Order of the CIT(A) set aside and the matter remitted back to the AO for fresh adjudication to properly acknowledge the objections of the assessee to V.O's estimate as well as his claim for benefit when the difference is less than 15% - Decided in favour of Assessee.
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