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2010 (6) TMI 640 - ITAT CHANDIGARHComputation of capital gains - assessee had sold the property - value of consideration was accepted by the registering authorities - AO referred the assessability of fair market value of the property - DVO computed the value which was adopted by the AO as the basis for computing the long-term capital gains – Held that:- Under the provisions of s. 50C of the Act, fair market value estimated by the registering authority is deemed to be the full value of consideration. However, there is no provision under the Act under which the fair market value assessed by the DVO is to be taken as the full value of consideration - no merit in the order of the AO in adopting the fair market value determined by the DVO as the full value of consideration for computing the income from capital gains - appeal of the Revenue is dismissed.
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