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2015 (9) TMI 1435 - AT - Income TaxValuation of the DVO in toto accepted ignoring the relevant provisions of Section 50C of the Act - Held that:- The legislature did not intend that the capital gain should be fixed merely on the basis of the valuation to be made by the district sub registrar for the purpose of the stamp duty. The legislature has taken care to provide adequate machinery to give fair treatment to the citizen/Tax payer. There is no reason why the machinery provided by the legislature should not be used and benefit thereof should be refused. Even in a case where no such prayer is made by the Ld. Advocate representing the assessee, who may not have been properly instructed in law, the assessing officer, discharging a quasi judicial function, has the bounden duty to act fairly and to give a fair treatment by giving him an option to follow the course provided by law. The assessee has not disputed the valuation of the stamp authority. It is very unfortunate that the AO has worked out the capital gain tax liability including the DVO report which is binding to the assessee. From the above fact and legal provision laid down by Hon’ble Jurisdictional High Court in the case of Sunil Kumar Agarwal [2014 (6) TMI 13 - CALCUTTA HIGH COURT] , we are of the view that the value of the property estimated by DVO as on the date of sale is to be taken as final sale consideration for the purpose of computation of capital gain under section 50C of the Act. Accordingly the AO is directed to take the DVO value for the working of capital gain and adjudicate the matter afresh as per the provisions of section 50C. - Decided in favour of assessee
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