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2015 (4) TMI 1045 - AT - Income TaxAddition being the 1/3rd share of the appellant in the long term capital gain on sale of ancestral agricultural land - adoption of the value of the land as determined by the Valuation Officer under section 50C(2) or accepting the jantri rate prescribed for the area specially in view of the urbanization of the said area undertaken by the State Authorities - Held that:- We find that section 50C(2) provides that where the assessee claimed before the AO that the value adopted or assessed by the stamp valuation authority under subsection (1) exceeds the fair market value of the property, on the date of transfer, the AO may refer the valuation of the capital asset to the valuation officer, in such a situation, the lower of value determined by the departmental valuation officer and stamp duty valuation officer shall be considered as consideration accruing to the assessee. Since it has not been disputed by the DR that the value of the property determined by the DVO was lower than the value determined by the stamp duty valuation officer, therefore, we find that there is no infirmity in the order of the CIT(A) in directing the AO to adopt the value determined by the departmental valuation officer, as sale consideration of the property for computing the capital gains in the hands of the assessee. - Decided against revenue.
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