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2014 (4) TMI 1086 - AT - Income TaxLong term capital gains under section 50C - adoption of sale consideration on the basis of the stamp duty valuation under section 50C OR the sale price received by the assessee - Held that:- Find no merit in the stand of the assessee and the objections raised against the Valuation Report have no meaning including the stand of DVO to have adopted commercial rates for valuing the said property as the assessment in the hands of the assessee has not been made on such Valuation Report but on a much lesser value of ₹ 1.25 crores and even if credit is given on account of all the objections raised by the assessee, the value of property adopted in the hands of the assessee is much lower than the value determined by the DVO. Hence, we uphold the order of the CIT (Appeals) in adopting the value assessed by the Stamp Valuation Authorities as the fair market value of the property on the date of transfer in computing the income of the assessee. - Decided in favour of assessee.
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