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2015 (9) TMI 1402 - AT - Income TaxFair market value - CIT(A) adopting the fair market value of the land as on 1.4.1981 @ of ₹ 76/- per sq. meter as against ₹ 105/- per sq. meter determined by the Valuer for assessing capital gain on transfer of inherited land - Held that:- As required on the part of the AO to make a reference to the valuation officer under section 55A of the Act in order to ascertain the fair market value of the asset because Valuation Officer is a person of technical knowledge for the purpose of such valuation. In the present case no such reference was made by the AO to approach the valuation officer. We, therefore, find it appropriate to give cognizance to various rates as referred to above in such a way so as to cover the rates for the purpose of valuation given by Sub-Registrar, Daman to the AO, rates given by Sub-Registrar, Daman to the assessee as well as the rate given by the govt. approved valuer. We, therefore, decide to apply the average of three rates i.e. minimum rate given by Sub- Registrar, Daman at ₹ 33, maximum rate given by Sub-Registrar, Daman and the rate given by the govt. approved valuer at ₹ 108/-. The average rate will work out at ₹ 102/- per sq.meter (Rs.33 + ₹ 165 + ₹ 108 = ₹ 306/3 = ₹ 102/-). In the circumstances, we direct the AO to adopt the fair market value of the asset as on 1.4.1981 at ₹ 102/- only. - Decided partly in favour of assessee
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