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2011 (8) TMI 421 - AT - Income TaxNot accepting the valuation made by the DVO in respect of sale of property and also in respect of investments made in other property and in allowing relief. - Assessment framed u/s 143(3) is against the provisions of law contained u/s 153. - Addition on assumption that the property continued to be on rent from June and July, 2003 without enquiry or bringing any material on record. - Estimation of consideration u/s 142A Regarding Valuation made by DVO and Investment. - Held that:- Provisions of section 142A are not applicable for the purpose of determination of full value of consideration. Therefore, in our considered opinion, in the absence of any contrary evidence, full value of consideration cannot be estimated under section 142A. The AO has to adopt the value for the purpose of stamp valuation as per circle rates as on the date of transfer. - there was no evidence against the assessee, which has been brought on record to show that the value of the property purchased had to be rejected. and DVO was justified to value the investments in properties by adopting rent capitalization method. decided in favour of Assessee. but allowed for statistical purpose. Assessement u/s 143(3) against provision of Section 153. - Held that:- Assessee could not substantiate as to how the assessment framed was contrary u/s 153. decided against Assessee. Addition regarding rent. - held that:- it is not considered assessee's contention in respect of vacancy of the house property. set aside to AO with direction to give opportunity of being heard to Assessee.
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